As Honor re-enters India, CEO Sheth says company will undo relabelling, launch foldables
The Hindu
HonorTech plans to have 4G, 5G and foldable smartphones in its portfolio, spread across mid to premium segments
Honor, formerly Huawei-owned smartphone maker, has confirmed its return to the Indian market three years after it withdrew its operations in the country.
HonorTech plans to have 4G, 5G and foldable smartphones in its portfolio, spread across mid to premium segments, and cater to consumers in 16 to 45 years age group, said Madhav Sheth, CEO, HonorTech, in an exclusive interaction with The Hindu.
The brand will be led by Indian leadership that is “focused on bringing transformative change,” Mr. Sheth said.
The former Huawei subsidiary is coming back to India through 100% licensing route in a joint venture with PSAV Global. “The licensing agreement is centered around a technology know-how transfer, and there aren’t any licensing fees or royalties involved,” Mr. Sheth told.
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HonorTech plans to infuse ₹1,000 crore by December 2023 to expand its business and related channels. The company aims to generate ₹10,000 crore revenue by the end of FY 2024. The company is being funded by Indian investors.
On manufacturing, Mr. Sheth said, “HonorTech is going to partner with PLI approved companies, mostly Indians, to manufacture its smartphones and other products in India.”
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