The investment in its facility was part of GX's long-term vision for the Indian market, and with help of an investment from the Netherlands Government, GX is planning to accelerate its focus and have acquired a new manufacturing facility located in Gurugram, IMT Manesar Haryana.
The Investment plans are in motion with the acquisition of GX industrial unit with required machinery, and the total project setup up will attract a total investment of 14 million Euros and as per the current plan GX will be ready with its Make in India production by June 2021.
The approved Netherlands government's support via the Dutch Good Growth Fund (DGGF), where the Ministry of Foreign Affairs encourages these developments by invests in funds which in turn invest in businesses. The funding to GX will contribute as a catalyst for local economic growth and social improvements in India "Gijs de Rooij, CFO, GX Group said."
Our IMT Manesar factory is a sign of GX's strong commitment to India, and an example of the success of the Government's 'Make in India' programme. GX believes in 'Make in India', 'Make for India' and with a target to 'Make for the World'. We are aligned with Government policies and will continue to seek their support to achieve our dream of making India a global exporter for our FTTH equipment," Paritosh Prajapati, Chief Executive Officer, GX Group, said.
FTTH Telecom equipment Market
The global FTTH market based on GPON is estimated to grow from the current USD 6.3 billion to USD 8.3 billion by 2025, at a CAGR of 5.8 per cent. The market growth is propelled by the high demand for GPON networks for triple and quad-play services, increasing demand for high-speed broadband services, advancement in GPON technology, and trial and deployment of the 5G network.
In the coming year, we expect to witness an explosion in both internet adoption rates and frequency of usage, creating the world's largest digital adaptation.
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( With inputs from ANI )
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