Homegrown handset player Spice will set up a manufacturing unit in Uttar Pradesh with an investment of about Rs500 crore to make affordable mobile phones in the country. The company has inked a Memorandum of Understanding with the UP Government, wherein the company will get state support in establishing the facility in a time bound manner and it will also facilitate the necessary infrastructure, ecosystem and incentives under various schemes announced by the State and Centre.
"The manufacturing unit is part of our contribution to the 'Make in India' vision. Domestic manufacturing will also help us introduce affordable mobile Internet devices in India. We will look at devices priced below Rs5,000 and we intend to start manufacturing by the end of this year," Spice Group Chairman Dilip Modi told news agency.