MIVI to invest Rs 200 cr in its 2nd mfg unit in TS

Hyderabad: MIVI (Avishkaran Industries), a homegrown manufacturer of audio electronics, laid the foundation stone for its new state-of-the-art factory at E-City, Tukkuguda in Rangareddy district, Telangana on Friday. The company announced to invest Rs 200 crore on its second R&D and manufacturing unit, which will create 2,000 new jobs in the State.

The new factory is expected to be operational by March 2025. Presently, MIVI is the only company in the audio electronics manufacturing space in India. It has its first manufacturing facility at Hardware Park, Shamshabad, employing more than 1,500 people. Telangana IT & Industries Principal Secretary Jayesh Ranjan and TSIIC Vice-Chairman E Vishnu Vardhan Reddy attended the stone-laying ceremony. The new facility will be outfitted with cutting-edge technologies and meticulously designed to uphold the highest benchmarks of environmental sustainability.

This state-of-the-art manufacturing establishment boasts the prowess to produce a remarkable 100,000 units daily, encompassing an extensive array of audio products, including earphones, soundbars, speakers, gaming accessories, and an assortment of allied merchandise. This monumental expansion effectively doubles the company’s production capacity in comparison to its existing factory.

Midhula Devabhaktuni, Co founder and CMO of MIVI, said: “This factory isn’t just bricks and mortar; it’s a symbol of innovation and progress. Alongside producing exceptional products, it will generate opportunities and positive impact nationwide. Notably, it will house component manufacturing for wearables, presently non-existent in India.” “This is a proud milestone for MIVI and India, showcasing our nation’s burgeoning manufacturing capabilities and reducing reliance on foreign imports in the audio electronics domain. We are honoured to be at the forefront of this ‘Make in India’ revolution, contributing to the country’s self-reliance and economic progress,” she added.