HonorTech to relaunch Honor brand of phones, to invest ₹1,000 crore
HonorTechwill relaunch the Honor brand in India, with its first smartphone expected to launch next month.
- The company aims to get 4-5% market share by the end of 2024 and will invest INR 1,000 crore in India.
- HonorTech has formed a joint venture with PSAV Global, owned by entrepreneur C P Khandelwal
AdvertisementThe Honor brand is all set to make a comeback in India. HonorTech will relaunch the Honor brand of smartphones in the country in September with plans to initially invest ₹1,000 crore in the business, a senior company official said. For the relaunch, HonorTech is going to work under a licensing deal with Chinese smart devices company Honor.
"HonorTech is a completely Indian entity. We are going to work under a licensing deal with Honor where they will license us and we will do everything from sales to manufacturing in India. No royalty will go to Honor," Sheth said.
Sheth recently quit Realme where he was steering their international business including India. He has formed his own joint venture, HonorTech, with PSAV Global owned by entrepreneur C P Khandelwal.
"Honor's 70% manufacturing is completely automatic and 40% of their machinery is completely made by them. We need to match similar standards with them in India. Under the deal, Honor will help us with product know-how, entire supply chain management, technology transfers, software transfers at a defined cost," Sheth added.
He said that the company will initially get some of the Honor products to test the Indian market and plans to start manufacturing them locally by end of this year.
"We will launch Honor smartphones from next month onwards. We are in talks with electronics manufacturing services who are eligible for PLI (production-linked incentive) for manufacturing. We are targeting to start shipping "Made in India" products from November or December," Sheth said.
The company plans to raise ₹1,000 crore in debt funding that will be invested by next year. "We are looking at revenue of ₹10,000 crore by end of next year which translates into 4-5 per cent volume market share," Sheth added.
With inputs from PTI.
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