Big-C Mobiles to Invest Rs.300 Crore under Make in India Initiative to open new Retail Outlets
Based on the India Cellular and Electronics Association (ICEA), India is on its way to becoming a global leader in the mobile device segment, with smartphone exports doubling to more than USD 11 billion. Big-C mobiles, a Hyderabad-based multi-brand mobiles retail chain, is aiming for a significant increase in turnover in the current fiscal year in order to play a role in India's electronic segment as well as tap the fastest-growing segment.
In the words of chairman and managing director M Balu Chowdary, the company's goal is to generate Rs 1,500 crore in revenue from its 250 locations in Telangana, Andhra Pradesh, and Tamil Nadu.
According to a press release, the Hyderabad-based company intends to invest around Rs 300 crore to open 150 new outlets over the next two years. This will be a significant victory for the Modi government's 'Make in India' initiative.
Notably, India is one of the world's largest smartphone markets. According to the India Cellular and Electronics Association, mobile phone exports from India will exceed Rs 90,000 crore, or approximately USD 11.12 billion, in fiscal year (FY) 2022-23, up from Rs 45,000 crore in FY 22.12-Apr-2023.
Balu stated that the goal is to increase the number of outlets to 400 in two years with an investment of around Rs 300 crore.