Oppo to invest $60 million in Indian SMEs to promote local smartphones | Tech US News

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NEW DELHI : Oppo will invest $60 million (approx 476 crore) in SMEs and MSMEs in India to “support” “local equipment” network for smartphones.

The investment will be made in phases over a period of five years under the project ‘Vihaan,’ Oppo added.

The announcement comes in the backdrop of an investigation by India’s Directorate of Financial Investigations (DRI) into allegations that the company is evading established regulations. necessary. 4,389, as reported by the Ministry of Finance, announced on July 13.

Oppo said it has partnered with the government and industry to help 30 “Tier-1 suppliers” set up operations in India employing “thousands” of Indians. Oppo said it has also built a strong network of 1,000 distributors since it started operating in the country.

“With a strong local brand being established, the time is right to promote the export of our quality ‘Made in India’ products to the identified market,” Vivek Vasishtha, vice president, Public Affairs at Oppo India said in a statement.

Vasishtha added that this will help Oppo India in expanding its export capacity to $5 billion in the next five years.

A Chinese subsidiary of BBK Group, Oppo is the fifth largest smartphone manufacturer in India. According to a July report from Counterpoint Research, Oppo accounted for 11% of the smartphone market in the third quarter.

Oppo asked to be invested 2,400 crore to set up one of its largest manufacturing facilities in Greater Noida that makes one smartphone every three seconds. The factory employs “thousands of workers” Oppo also has a Research and Development Center in Hyderabad that has developed patents in 5G, cameras and power.

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