The mobile handset and accessory market in India is witnessing rapid growth and this has prompted domestic mobile brands to make heavy investments to make a foray into hitherto untapped markets. Maxx Mobile, based in Mumbai, has announced its aggressive plan to invest a whopping 2500 crore to rev up its business. Ajjay Agarwal, who is the managing director and chairman of Maxx group, has said in a recent statement that the company shall raise the capital by means of equity, bank loans as well as debts. The amount will be spent in activities like brand positioning and capacity expansion.
In the present fiscal the company invested Rs 150 crores. The demand of cell phones and related accessories is only going up with time. Even though the Korean and Japanese companies are doing great business, the scope for domestic players is also huge, mainly among the lower income group of buyers. That explains why Maxx Mobile is about to set up its third manufacturing capacity in Haridwar. The company needs to boost its capacity of making batteries and chargers, as the chairman said. Apart from selling its products in India, Maxx Mobile also exports its products to African countries.
Maxx Mobile has kept the price of its products low to capture the market. Recently it has come into focus after agreeing to act as the sponsor of the ongoing IPL 3. The mobiles made by this company may be affordable but they do not lag in the feature department. The model range of the company would suffice for the basic and heavy users.
In the present fiscal the company invested Rs 150 crores. The demand of cell phones and related accessories is only going up with time. Even though the Korean and Japanese companies are doing great business, the scope for domestic players is also huge, mainly among the lower income group of buyers. That explains why Maxx Mobile is about to set up its third manufacturing capacity in Haridwar. The company needs to boost its capacity of making batteries and chargers, as the chairman said. Apart from selling its products in India, Maxx Mobile also exports its products to African countries.
Maxx Mobile has kept the price of its products low to capture the market. Recently it has come into focus after agreeing to act as the sponsor of the ongoing IPL 3. The mobiles made by this company may be affordable but they do not lag in the feature department. The model range of the company would suffice for the basic and heavy users.
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