MIVI announces an investment of Rs 200 cr for its second R&D & manufacturing facility

Home-grown manufacturer of audio electronics, MIVI (Avishkaran Industries) has laid the foundation stone for its new state-of-the-art factory in Hyderabad, Telangana. The ceremony was graced by the principal secretary of the state, Jayesh Ranjan and vice-chairman of the state TSIIC, Vishnu Vardhan. A first of its kind in the country, the factory will house the R&D and manufacturing under one roof. The new facility represents a significant investment of INR 200 Crore by MIVI in Telangana and will create 2000 new jobs.

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.

The company's strategic vision extends beyond its proprietary Mivi brand, as it aims to collaborate with esteemed international brands as a product development and manufacturing contractor, with ongoing discussions to solidify such partnerships.

Midhula Devabhaktuni, Co founder and CMO 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.”

The new factory is expected to be operational by March 2025. Presently, the company is the only manufacturing company in the audio space in India and has a Manufacturing facility employing 1500+ people in Hardware Park, Shamshabad, Hyderabad.