Make in India: Sony Corp inks pact to manufacture Bravia line of TVs at Chennai

News:

• Sony Corp has entered into an agreement to manufacture its Bravia line of televisions at Taiwanese contract manufacturer major Foxconn’s plant near Chennai.
• It is also evaluating the possibility of making smartphones in the country and may eventually set up its own plant in India.
• The government’s ‘Make in India’ policy and the growing importance of India for Sony worldwide has accelerated our decision to manufacture in India once again.
• India’s free trade agreement with Southeast Asian nations had allowed imports at zero duty and since Sony had a poor market share of 3-4 per cent in televisions in the country, it decided to source them from Thailand, Malaysia, China and Japan rather than producing here.
• But now Sony is engaged in a neck-and neck fight with Samsung for supremacy in the Rs 20,000-crore flat panel television market in India where it has more than 25 per cent share.

Source: ET