Damson Tech plans to move smart gadgets production to India, invest Rs 150 cr in first year
Lifestyle and mobile accessories maker Damson Technologies plans to move half of its manufacturing operations from China to India, with an initial investment of Rs 150 crore in the current fiscal year, a top official of the company said. Electronics manufacturing service provider Damson Technologies, managing director, Ritesh Goenka told PTI that the company has been manufacturing devices in Beijing and now moving half of its production to India due to sanctions imposed by several countries on China coupled with benefits under government schemes in India.
«At present, we generate revenue of over Rs 1,000 crore. We plan to bring around Rs 500 crore worth of business to India in the upcoming year. Our long-term vision is to gradually move entire factory operations to India. We need some time to build the entire infrastructure in India,» he said.
Damson also makes and sells mobile accessories and lifestyle gadgets under its own brand name «Just Corseca».
«There are a lot of sanctions that several countries have imposed on China. When we export from China to the US then there is 25 pc duty and the same thing when we export from India, there is only 5 per cent duty,» Goenka said.
The company is setting up a plant near Ahmedabad with an investment of Rs 50 crore in the manufacturing unit and another Rs 100 crore on marketing, research and development as well as building up a team of around 350 employees.
Goenka said that the company will initially move production of power strips, chargers, cables, power banks, TWS
