In what could be considered as a significant move, Reliance Industries (RIL) led by Mukesh Ambani has reportedly partnered with Taiwanese smartphone maker, Foxconn to manufacture their Lyf branded phones in India itself.
The company will set up a manufacturing plant in Navi Mumbai and will soon start the production of smartphones. Also, the company has asked Foxconn to manufacture set-top boxes, and other home automation devices as well.
That said, Reliance is making this move especially because of bringing down the cost of their Lyf phones, and it will eventually happen if Foxconn agrees to this.
A spokesperson from Reliance speaking to Economic Times quoted as follows "Foxconn has its set of handsets that they will make for Reliance's Lyf. Local sourcing will bring down costs of these devices,".
There is no estimated date revealed by the source on when the production will officially start, but we are expecting it to begin in coming weeks.