Consumer electronics contract manufacturer Videotex International on Tuesday announced to invest of over Rs 100 crore and set up a new LED TV manufacturing facility in Greater Noida that will create more jobs.
With this investment, the company said it will also upgrade its existing capacity to 14 lakh TVs and new capacity to 18 lakh TVs – taking the combined production capacity to 32 lakh TVs in a year.
“The electronic contract manufacturing in India is projected to grow by over six-fold by 2025. The increased duty on imports of finished products has given a strong boost to local manufacturing and assembly in India,” said Arjun Bajaj, Director, Videotex International.
Videotex has been one of the oldest and largest contract manufacturers (ODM/OEM), and “has a strong interest in leveraging the new opportunity, with superior technology and infrastructure in manufacturing that maintains competitive standing in global markets,” he added.
Between the two units, Videotex will add fresh jobs, as per the new volumes defined.
This includes employees in the manufacturing units, back-office, and more along with providing new job opportunities for the vendors associated with the company.
The new 1,20,000 square feet smart manufacturing facility will install advanced manufacturing solutions and machinery, applying AI/ML technologies.
The company has been manufacturing TVs for leading brands like realme, Hisense, Toshiba, Lloyd, Hyundai, and over 15 leading brands in India.
Videotex International is also the first Indian firm to be licensed as a manufacturer of webOS TVs, and it has onboarded 14 brands to manufacture webOS TVs in the country.
Soon, the company will announce product expansion into the appliances and electronics categories.
“With the set-up of our new manufacturing unit, we strengthen our foothold and advance the government’s ‘Make in India’ initiative,” said Bajaaj.