In the presence of the Chief Secretary, Mr. CS Rajan, Rajasthan State Industrial Development and Investment Corporation (RIICO) inked yet another Memorandum of Understanding (MoU) with Glo-Tech Enterprises Company Pvt. Ltd. at Udyog Bhawan in Jaipur to set up a manufacturing facility for manufacture of mobile phones, LED TV and allied products. It will have an investment of around of Rs. 1000 crore.
The MoU was signed between the Principal Secretary Industries and Managing Director, RIICO, Ms. Veenu Gupta and the Chairman & Managing Director, Glo-Tech Enterprises Company Pvt. Ltd., Mr. Narendra Bansal and the Founder Chairman of Kandoi Group, Mr. Anand Singhal.
This project will be set up by Glo-Tech Enterprises Company Pvt. Ltd at Karoli near Honda plant in Bhiwadi region. This company has been promoted by Mr. Narendra Bansal, the founder promoter and CMD of Intex Technology (India) Ltd. and Mr. Anand Singhal. It will provide direct employment to 7500 persons and will have a spin-off impact on secondary and tertiary sector in terms of employment and other benefits.
The Chief Secretary said that with two leading Indian manufacturing and marketing companies coming to Rajasthan will create a cascading impact on investment in this field in the State. In fact, the state will become a front runner in ‘Make in India’ and ‘Digital India Campaign’ of Government of India, he said.
Intex Technology (India) Ltd. has a manufacturing base at Jammu and Baddi in Himachal. This company is practically doubling its sale every year. It sold products worth Rs. 1074 crores in 2012-13 and Rs. 2062 crores in 2013-14. As per 9 month result for the year 2014-15 ending December 2014, the company sold products worth Rs. 2499 crores and expect to reach the turnover between Rs. 3000 to Rs. 4000 crores. The company has ambitious plan to market mobile phone, LED TV etc. worth more than Rs. 5000 cores during 2015-16. Kandoi Group has interest in real estate, education, hospitality and manufacturing sector.
It is to be recalled that RIICO had recently signed an MoU with Bhagwati Products Ltd., a Company promoted by Mr. Rajesh Agarwal, also promoter director of Micromax Informatics Ltd. on 20 February, 2015 to set up manufacturing facility to manufacture Mobile Phone, LED TV and allied products with an investment of Rs. 500 to Rs. 1000 crore.