Amazon to start making Fire TV Stick devices in Chennai later this year

February 17, 2021 0 By boss

[ad_1]

Despite all financial difficulties, Future Group ensured that Amazon’s investments of FCPL continue to remain “encumbrance free”, it added.

Amazon on Tuesday said it would begin manufacturing its devices, including Fire TV sticks, in Chennai later this year, in partnership with Foxconn’s subsidiary Cloud Network Technology.

The manufacturing line, a first for the e-commerce major in the country, will be able to produce “hundreds of thousands” of Fire TV Stick devices every year, catering to the demand of Indian customers, the company said in a blog.

“This further reiterates our commitment to the Government of India’s Make in India Initiative,” said Amit Agarwal, global SVP and country leader, Amazon India. The company said it would “continuously evaluate scaling capacity to additional marketplaces/cities depending on the domestic demand”.

There has been ample demand for connected TV devices in India, particularly since the lockdown when consumers sampled OTT content on big screen television, said Mihir Shah, vice-president of Media Partners Asia. “Amazon sells over a million Fire TV sticks annually, which give them the economies of scale to produce domestically in India,” said Shah.

The development also comes amid the government’s massive push to boost large-scale electronics manufacturing in the country. Global companies, including Samsung and Foxconn, as well as a clutch of local players have shown interest in the production linked incentive (PLI) scheme launched by the government.

Communications and IT minister Ravi Shankar Prasad said Amazon’s decision to set up a manufacturing line in Chennai would enhance domestic production capacities and create jobs. “India is an attractive investment destination and is poised to become a major player in the global supply chain in the electronics and IT products industry. Our government’s decision to launch a production linked incentive scheme has received tremendous response globally,” Prasad said.

Amazon, which counts India as one of its major markets, aims to create as many as 1 million jobs in India by 2025, besides the nearly 7,00,000 job opportunities the company has already generated in the country. Last year, outgoing CEO and founder Jeff Bezos had announced an incremental investment of $1billion in India, bulk of which will be used to digitise small and medium businesses.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.



[ad_2]

Source link