Honor India return next month with strategic JV
Chinese smartphone brand Honor is returning to the Indian market this September in a new avatar. The brand, earlier owned by Huawei, is being licensed by Gurugram-based PSAV Global, said a senior company executive. PSAV Global will raise ₹1,000 crore in domestic loans to establish its operations in the country.
Madhav Sheth, one of the two partners at PSAV Global, said the joint venture partnership will ensure that the decision-making rests with the Indian partners unlike other Chinese smartphone makers operating in India wherein strategic decisions aren’t in control of the operation heads in India. “All Chinese manufacturers who are operating in India now, are 100% Chinese-owned equity firms. The decision making is also by the Chinese people.
But this will be 100% Indian equity owned company and we will invest ₹1,000 crore by December in technology transfers, products and software developments and service setups in India," said Sheth, also the former head of Realme, and the incumbent chief executive of HonorTech. Honor’s return comes amid a broader crackdown on Chinese companies by New Delhi, including bans on many apps, and increasing scrutiny on investments from countries sharing land borders with India, especially China after a deadly Himalayan border clash between the two armies in June 2020 that left 20 Indian soldiers dead. Sheth said while Chinese products offer quality and technology, Honor will give consumers a choice of not having any ‘bloatware’.
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