Dixon Technologies to produce 50 million smartphones this year
Published On: Monday, February 8, 2021 | By: Team KnowMyStock
Vachani’s startup Dixon Technologies boasts a market value of more than $2.5 billion and the capacity to produce about 50 million smartphones this year. It’s an early indicator of the country’s opportunities -- and challenges -- in building a sophisticated manufacturing sector, a top priority for Prime Minister Narendra Modi. Almost three decades ago, Sunil Vachani borrowed $35,000 so he could start making 14-inch television sets in a rented shed outside New Delhi. It was an unconventional choice given India, though renowned for software and services, had long lagged behind in manufacturing. While Vachani, 52, struggled in his early days, his company’s shares surged 824% since a 2017 initial public offering through Friday’s close. Sales and profits have boomed with domestic demand for smartphones, along with India’s ambitious plans to develop its own local industry.
The founder and his siblings are now in the league of India’s billionaire families.Dixon’s shares rose as much as 3.9% today.
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