Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
Mobile handset manufacturer Celkon is looking at setting up its first manufacturing facility in India and is in talks with Telangana and Andhra Pradesh governments for the same.
“After the government recently resolved the reverse taxation issue, India has become an attractive place for manufacturing for players like us,” company’s Executive Director Murali Retineni told ET.
Retineni said it’ll cost the company 7-8% cheaper to manufacture its handsets in India compared to China. “If you look at the savings in import duties, shipment costs, VAT benefits and income tax advantages, India turns out to be a very attractive proposition for manufacturing,” Retineni said.
“Since last one and a half year, we’ve already started in-house design in China and about 3.5 lakh of our 7 lakh devices sold last year, were designed completely in-house. We just need to replicate the same in India,” Retineni said. Original post at ET Telecom