Lava to invest Rs.2,615 crore

Domestic handset-maker Lava on Monday said that it was planning to invest Rs.2,615 crore to ramp up production at its facility here.

"Lava has plans to invest Rs.2,615 crore in a phased manner in the country under the 'Make in India' initiative," Lava chairman and managing director Hari Om Rai said at the sidelines of a launch event.

The handset-maker, which already has an assembly plant in Noida, will invest further into the facility to scale up production.

"The company is already in the process of bringing the component ecosystem in India from various countries. The Noida facility will be gradually ramped up to have a production capacity of 216 million phones per annum and generate direct employment for 53,00 people and indirect employment for 3.6 lakh people," Rai said.

According to the company, Lava has acheived a revenue of $1.2 billion in 2014-15, registering more than 100 percent growth over 2013-14.