New Delhi, April 5 (IANS): Homegrown manufacturer of audio electronics, MIVI, on Friday said that it invested Rs 200 crore in local manufacturing, as the company laid the foundation stone for its new state-of-the-art factory in Hyderabad.

The new facility will house the R&D and manufacturing under one roof and will create 2,000 new jobs, the company said.

"This is a proud milestone for MIVI and India, showcasing our nation's burgeoning manufacturing capabilities and reducing reliance on foreign imports in the audio electronics domain," Midhula Devabhaktuni, Co-founder and CMO, MIVI, said in a statement.

"The factory will house component manufacturing for wearables, presently non-existent in India," she added. The new factory is expected to be operational by March 2025.

According to the company, the new facility will be equipped with cutting-edge technologies and meticulously designed to uphold the highest benchmarks for environmental sustainability.

This state-of-the-art manufacturing establishment boasts the prowess to produce a remarkable 1,00,000 units daily, encompassing an extensive array of audio products, including earphones, soundbars, speakers, gaming accessories, and an assortment of allied merchandise, the company mentioned.

Founded in 2016 by Viswanadh Kandula and Devabhaktuni, MIVI aims to take the Indian electronics industry to a new level by meeting the needs of customers by curating high-quality products according to their tastes and preferences.