In Pic: Left-Right: Ritesh Kumar, General Manager, BOB; Jayesh Ranjan, Principal Secretary of the Industries & Commerce and IT Departments of the Telangana government; Midhula Devabhaktuni, Co-Founder and CMO, Mivi; Viswanadh Kandula, Co-founder and CEO, Mivi; Dr. E Vishnu Vardhan Reddy, IFS Vice Chairman & Managing Director, TSIIC
MIVI (Avishkaran Industries) new facility will generate 2000 new jobs to bolster ‘Make in India’ and Atmanirbhar Bharat
NATIONAL/ MUMBAI, 5th APRIL, 2024 (TGN) – MIVI (Avishkaran Industries), a leading homegrown manufacturer of audio electronics, 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, Mr. 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.
About Mivi
Founded in 2016 by Viswanadh Kandula and Midhula Devabhaktuni, Mivi aims to take the Indian electronics industry to a new level by meeting the needs of Indian customers by curating the high quality products according to their taste and preference. MIVI is a unique company specialising in the audio category, from TWS to home audio, and has evolved the audio category from luxury to an essential accessory for anyone with a smartphone. With a team of over 1500 people, MIVI has served around 20 million customers so far. Ends/ TGN
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