Veva Toys Global to Invest ₹1,000 Crore in Expansion and Drone Manufacturing
Veva Toys Global to invest Rs 1,000 cr in 5 yrs;
The Times Of India
Image: The Times Of India
Veva Toys Global, a Chennai-based toy manufacturer, plans to invest ₹1,000 crore (approximately $120 million USD) over the next five years to enhance production capabilities, establish a new factory, and diversify into drone manufacturing. The company aims to reduce import dependency and increase exports significantly.
- 01Veva Toys Global will invest ₹1,000 crore over five years for production scaling and new factory setup.
- 02The company aims to reduce import dependency by manufacturing its own components, including PCBs and motors.
- 03Diversification into drone manufacturing includes toy and professional drones, with a launch expected by May.
- 04Exports will target markets like the USA, Canada, and Australia, aiming for 60% of total production.
- 05Currently, 85% of production is localized, but key components are still imported.
Advertisement
In-Article Ad
Veva Toys Global, based in Chennai, India, is set to invest ₹1,000 crore (approximately $120 million USD) over the next five years to enhance its manufacturing capabilities and expand into drone production. The company's Managing Director, Vishal Nahar, stated that this phased investment will create a more integrated ecosystem by manufacturing essential components such as printed circuit boards (PCBs), motors, and batteries, thereby reducing reliance on imports. Currently, 85% of the company's production is localized, although some components remain imported. The company plans to diversify into drone manufacturing, targeting both toy drones for children and professional drones for commercial use, with a launch expected by May 2024. Veva Toys Global has already secured export orders and will begin exporting to markets including the USA, Canada, and Australia in the second quarter of the current financial year (FY27). This strategic move is expected to make exports account for 60% of total production in the future.
Advertisement
In-Article Ad
This investment will create jobs and boost local manufacturing capabilities in Chennai, benefiting the local economy.
Advertisement
In-Article Ad
Reader Poll
Do you think investing in local toy manufacturing is beneficial for the economy?
Connecting to poll...
Read the original article
Visit the source for the complete story.