Mivi One 5G Set to Be Assembled at Micromax’s Former Greater Noida Plant

After years of being known for ear‑buds and chargers, Mivi is finally taking the plunge into the crowded world of smartphones. Its debut model, the Mivi One 5G, isn’t being cobbled together in some overseas factory – it will roll off the assembly lines of Bhagwati Products Limited, the old Micromax manufacturing hub in Greater Noida.

Most Indian buyers see a ‘Made in India’ badge on the back of their phones, but they rarely know who actually puts the device together. In reality, a single player – Bhagwati Products – has become the go‑to assembler for a surprising roster of brands, ranging from home‑grown names to the big Chinese players that dominate the market.

Bhagwati’s story is almost cinematic. The company started life in 2002 as ‘Bhagwati Cookies & Wafers Limited’, a modest bakery. A year later it rebranded to Bhagwati Products and quietly shifted gears into electronics manufacturing, becoming Micromax’s trusted production partner for years.

The turning point came in September 2024 when Shanghai‑based Huaqin Technology, the world’s largest ODM for phones and tablets, snapped up a 49 % stake for roughly ₹514 crore. That infusion of capital and expertise opened the doors to orders from brands that had never set foot in the plant before.

Since then, Bhagwati has taken over Vivo’s former plant and leased space in Oppo’s Greater Noida facility. Today it assembles devices for Oppo, Vivo, OnePlus, Realme, iQOO, Motorola, Acer, Lenovo and MiPhi – a line‑up that would make any factory proud.

Now Mivi has joined the club. A filing with the Bureau of Indian Standards lists Bhagwati as the official manufacturer for the upcoming Mivi One 5G, confirming that the accessory brand’s first handset will be built alongside its more famous Chinese cousins.

The company’s capacity is staggering: a 1.5 million‑square‑foot campus in Greater Noida, plus satellite units in Bhiwadi, Hyderabad and Rudrapur, cranks out about two million smartphones a month. Bhagwati is targeting 25 million units by year‑end, and its revenue has ballooned from ₹620 crore in FY24 to an expected ₹6,200 crore in FY25 – numbers that line up almost perfectly with the Huaqin deal and the new brand orders.

Beyond assembly, Bhagwati is eyeing a transformation into a full‑blown ODM, hoping to design and engineer products in‑house and even expand into PCs and automotive electronics. The firm is also riding the wave of the government’s Production‑Linked Incentive scheme, which rewards local manufacturing with cash incentives.

In line with its rapid growth, Bhagwati has started prepping for an IPO. The plan is to raise over ₹3,000 crore at a valuation north of ₹20,000 crore, with a consortium of banks – ICICI Securities, Axis Capital, Kotak Mahindra Capital, IIFL Securities and Goldman Sachs – steering the issue. A draft prospectus is expected in the coming months, and a listing could materialise as early as next year.

For Mivi, partnering with a seasoned assembler like Bhagwati means it can focus on design and marketing while leaving the heavy lifting to a factory that already knows how to crank out high‑volume, quality smartphones. The Mivi One 5G will thus carry the dual promise of a familiar brand’s style and the reliability of an established Indian production line.