BPL-Micromax (MBA 1.5 Years)

Indian School of Business
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December 26, 2016
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Sunita Mehta | Surya Kant Sharma | Arun Pereira
Bhagwati Products Limited—Making in India for Micromax
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As Rajesh Agarwal boarded the Indigo flight from Hyderabad to Delhi on the afternoon of April 14,
2016, after the inauguration of Bhagwati Products Limited's recently commissioned, state-of-the-art
mobile handset manufacturing plant, his thoughts drifted to the commitment he had made to K. T. Rama
Rao, a senior minister in the newly formed state of Telangana in southern India. Agarwal was the
Chairman of Bhagwati Products Limited (BPL) and co-founder of Micromax Informatics Ltd (Micromax).
In August 2015, he had assured the government of Telangana that he would have the mobile phone
manufacturing plant up and running within a year and would invite the minister for the inauguration
before October 2016. He felt proud that his team had not only made good his promise but had beaten
the deadline by six months. At the inauguration, he had received accolades from Rama Rao and other
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state government authorities for the quick and effective execution of the greenfield project in the state's
capital, Hyderabad.
Now that the BPL plant in Hyderabad had been commissioned and would begin operations, he was
thinking of his next move—starting another greenfield project at Bhiwadi in the northern Indian state of
Rajasthan. This project would require substantial resources in terms of capital and manpower. His
thoughts turned to a newspaper article he had read earlier that day, which reported that Samsung,
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Micromax’s main competitor in the mobile handset segment in India, continued to grow its market share,
and was now the runaway leader with 55% market share, whereas Micromax had slipped from 16% in
2014 to 9% in Feb 2016 1 (see Exhibit 1). There were other important issues that needed to be
addressed and, overall, the going looked challenging to Agarwal. He wondered whether he was moving
too fast with the expansion of BPL, instead of concentrating on reviving the sales of Micromax products.
OVERVIEW OF THE INDIAN ELECTRONICS INDUSTRY

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The electronics market in India was one of the largest in the world. According to a government report,
it was anticipated to grow exponentially at a compound annual growth rate (CAGR) of 24.4% during
2012-2020 and reach US$400 billion in 2022 from US$70 billion in 2015. The communication and
1
Doval, P. (2016, April 14). Micromax unveils 15 phones in turf war. Times of India. Retrieved from
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http://www.gadgetsnow.com/tech-news/Micromax-unveils-15-phones-in-turf-war/articleshow/51817932.cms, on August
6, 2016.
Sunita Mehta, Surya Kant Sharma and Professor Arun Pereira, prepared this case solely as a basis for class discussion. This
case is not intended to serve as an endorsement, a source of primary data, or an illustration of effective or ineffective
management. The authors would like to acknowledge Bhagwati Products Limited and Micromax Informatics Limited for their
support in developing the case. This case was developed under the aegis of the Centre for Learning and Management Practice,
ISB.
Copyright @ 2016 Indian School of Business. The publication may not be digitised, photocopied, or otherwise reproduced, posted
or transmitted, without the permission of the Indian School of Business.
This document is authorized for educator review use only by Fizza Kanwal, Other (University not listed) until Nov 2020. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
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broadcasting equipment segment had the highest share of total electronic goods production in India at
31% in FY 2013, followed by consumer electronics at 23%. 2 Computers, which included desktops,
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laptops and tablets, constituted 9.9% of India's total electronic goods production in FY13. Electronics
exports from India from this sector grew at a CAGR of 10.2% and reached US$6.1 billion in FY15. 3
Despite competition from China and Taiwan, India emerged as a prominent exporter of electronic
products on the strength of technological improvements and its model of cost-effectiveness.
The Indian government’s "Make in India" push prompted many states to establish a number of
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industrial parks offering a slew of incentives to entrepreneurs and industrialists. This also gave a boost
to domestic electronics manufacturers. The government also created a favorable climate for foreign
direct investment (FDI) by allowing up to 100% FDI in the electronics hardware manufacturing sector.
The other obvious attraction of manufacturing in India was the nation’s low labor costs, which were 30%
to 40% lower than in the US or Western Europe. 4 In addition to this, India had a huge and growing
domestic market, readily available skilled manpower and an improving logistics supply chain system
and infrastructure. Thus, the electronics sector had attracted strong investments through mergers and
acquisitions and FDI. The country's rapidly growing consumer base, the result of rising disposable
income among both its rural and urban populations, also provided an impetus for the growth of the
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electronics sector in India.
Mobile Phone Industry
Newly developed applications in the mobile phone industry provided consumers with novel
experiences in their day-to-day lives and also increased business opportunities. Mobile solutions were
helping rural communities overcome various socio-economic challenges, especially in the areas of
education, agriculture, medicine, finance and disaster management. The growing relevance of these
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applications to consumers' lives resulted in the increased adoption of smartphones globally, and
especially in emerging markets, where the affordability of these devices was a major driver. A 2015
industry report estimated that a further 2.9 billion smartphone connections would be added by 2020 5
(see Exhibit 2). It further found that the penetration rate of mobile phones in the Asia-Pacific region at
the end of 2014 was 44.6%. This left significant room for growth, with the penetration rate expected to
rise to 57.2% by 2020 (see Exhibit 3). There had also been an explosion of mobile-enabled products
and services in developing countries aimed at addressing social and economic challenges with a
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particular focus on mobile health and mobile money 6 (see Exhibit 4). In India, the demand from
households was also set to accelerate given rising per capita income (see Exhibit 5), changing lifestyles
and easier access to credit.7
According to a report by India Brand Equity Foundation (IBEF) on the telecommunication sector, by
the end of September 2015, India had the second largest telecom network in the world with a subscriber
base of over 1,022 million and had also become the second largest country in terms of Internet
subscribers with 402 million Internet users. Mobile-based Internet had also become an important
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component of Internet usage, with seven out of eight users accessing the Internet from their mobile
phones. Urban teledensity had reached 152.76% and rural teledensity was at 48.66% as on September
2015; 8 thus, mobile penetration in India, especially in rural areas, was relatively low. India’s rural
population made up approximately 68% of its total population but accounted for just over 40% of its
mobile users. Another advantage India had was that it had one of the lowest mobile cellular prepaid
2
The next manufacturing destination. (2015). Make in India website. Retrieved from
http://www.makeinindia.com/article/-/v/direct-foreign-investment-towards-india-s-growth, on August 6, 2016.
3
India Brand Equity Foundation. (2016, January).Telecommunication (Presentation). Retrieved from
http://www.ibef.org/download/Telecom-January-2016.pdf, on August 6, 2016.
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4“
Corporate Catalyst India. Indian Electronics Industry (Report). Retrieved from
http://smallb.sidbi.in/sites/default/files/knowledge_base/reports/electronics_industry_in_india.pdf, on August 5, 2016.
5 GSMA. (2015). The mobile economy 2015. Retrieved from
http://www.gsma.com/mobileeconomy/global/2015/GSMA_Global_Mobile_Economy_Report_2015.pdf, on August 6,
2016.
6
Ibid.
7
India Brand Equity Foundation. (2015, August). Telecommunication (Presentation). Retrieved from
http://www.ibef.org/download/Telecom-August-2015.pdf, on August 6, 2016.
8
Ibid.
2 | Bhagwati Products Limited—Making in India for Micromax
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tariffs in the world, which became a driver for enhanced mobile phone growth in India 9 (see Exhibit 6).
The major players in the electronics industry in India were Samsung, LG India, Videocon, Sony, Lenovo,
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Gionee, Lava, Vivo and Micromax (see Exhibit 7).
MICROMAX: ORIGINS
Rajesh Agarwal, a first generation entrepreneur, had set up Micromax with his friends Rahul
Sharma, Vikas Jain and Sumeet Arora in 2000 as a software company. Headquartered at Gurugram,
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in the northern Indian state of Haryana, Micromax initially focused on software development, but
Agarwal quickly found that there was huge potential in the largely unregulated but fast-growing mobile
handset market. Micromax entered this business in 2008, procuring handsets from contract
manufacturers in China and Taiwan. Agarwal was keenly aware that Indian consumers were very price
conscious and that there would be readily available demand at the low end of the market for value-for-
money phones. Further, he understood that much of this market was in rural and remote areas and that
customers in these areas were very different from urban customers. The penetration of consumer
electronic products was very low in rural areas, offering him a clear opportunity in that market.
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Agarwal and his team invested time and effort in understanding the Indian mobile phone consumer,
particularly the rural consumer. With their in-depth knowledge of these consumers’ unique preferences,
they were able to procure mobile handsets from China and Taiwan containing many features that were
being offered for the first time in India. For example, the problem of power shortages in rural India led
Micromax to introduce a 30-day battery backup in their mobile phones. Further, many Indian mobile
phone users wanted more than one SIM card on each phone to take advantage of promotional offers
from different service providers. Micromax introduced dual SIM phones to exploit this need. The other
firsts for Micromax phones included the first quad-core budget smartphone and QWERTY keypads. By
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December 2009, Micromax had emerged as a leading Indian handset brand and was selling 700,000
handsets monthly.
In 2010, Micromax entered the tablet market with its Funbook series. Of the 4.14 million tablets sold
in India in 2013, Micromax's market share stood at 8.9%. By the second quarter of
2013, Micromax’s market share increased to 22%, with Samsung Electronics holding the top slot with
a 26% share of the smartphone market in India.10 Micromax doubled its revenue from INR 31.68 billion11
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in fiscal year 2012-13 to about INR 60 billion by the end of fiscal 2013-14 (see Exhibit 8).
In 2012, the government of India, in a move to reduce the country's fiscal deficit, increased import
duty on complete build units (CBUs) of LED televisions, tablets and mobile phones to 1%. However, to
encourage indigenous manufacturing, there was no import duty imposed on parts and accessories, i.e.,
semi knocked-down (SKD) units, required for the assembly of these products. Agarwal recognized that
manufacturing products in India would certainly enhance their responsiveness to local market needs by
enabling Indian designs for Indian customers and that it would also be cheaper than procuring
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readymade items. He knew that in an industry with fast-changing technology, the need of the hour was
to continuously innovate and provide new offerings in response to changing consumer tastes. This
would be feasible only through in-house manufacturing, and Agarwal seized upon this opportunity to
manufacture these products instead of importing them from China and Taiwan.
During this time, he became aware of the bouquet of tax benefits and incentives offered by the state
of Uttarakhand in a bid to attract industrialists and investors. Formed in 2000, the state was seeking to
accelerate its development. The Uttarakhand government had instituted the State Industrial
Development Corporation of Uttarakhand Limited (SIDCUL) to promote industrial development in the
state. SIDCUL initiated a policy to provide tax incentives to industries establishing manufacturing plants
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in its industrial estates in three prominent cities, namely Haridwar, Pantnagar and Sitarganj (see Exhibit
9 for tax benefits offered by SIDCUL). However, these incentives applied to companies that had come
9
Ibid.
10 Mitra, S. (2013, October 24). Micromax targets a third of Indian smartphone pie in two years. Business Standard.
Retrieved from http://www.business-standard.com/article/companies/micromax-targets-a-third-of-indian-smartphone-
pie-in-two-years-113102401037_1.html on August 6, 2016.
11
INR= US$66.52 as on April 14, 2016.
Bhagwati Products Limited—Making in India for Micromax | 3
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into production before March 31, 2012. Agarwal's greenfield company, which would start production
after March 2012, was not eligible for these tax incentives. Not easily dissuaded, Agarwal came up with
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the idea of taking over Bhagwati Products Limited, a sick unit in Uttarakhand that had existed before
March 2012, and turning it around to manufacture electronic goods. He discussed his proposal with
SIDCUL authorities, who decided that it was eligible for tax benefits under SIDCUL's policy and, further,
that Agarwal would be eligible for additional benefits for turning around a sick industry. Agarwal said:
The tax incentive and subsidies from the state government of Uttarakhand were a great
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opportunity and helped us keep the cost of our products low as we passed on the benefits
accrued to consumers. This allowed us to be a cost leader in the mobile phone industry,
and, at the same time, we were able to compete with the cheap, low-quality Chinese sets
flooding the market.
MICROMAX’S MARKETING STRATEGY

Micromax offered a wide range of phones with features that served a broad spectrum of rural and
urban customers at low cost and high quality. The company launched new models every month, giving
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stiff competition to the existing players in the Indian market. As Micromax targeted both the urban and
rural markets, it built an extensive network of 450 distributors and over 50,000 retailers. It came up with
an innovative scheme, whereby dealers were asked to pay in advance and, in turn, were offered higher
margins of up to 15% as against an industry average of six to 10%. In addition to setting up exclusive
stores in urban areas, Micromax also placed products in popular stores such as Croma, The Mobile
Store, Reliance Digital, Planet M, etc.
In order to address after-sales issues, Micromax set up over 350 service centers across the length
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and breadth of the country and some exclusive after-sales service centers in Nepal, Sri Lanka and
Bangladesh. It also set up a number of third-party owned service centers to provide a full range of
services to increase after-sales service penetration. However, customers reported facing problems with
Micromax's after-sales service, and there had been increase in the number of customer complaints. To
address these issues, Micromax provided an extended warranty of two years and was also looking into
increasing the number of after-sales service centers.
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In terms of advertising and marketing, the company had used Bollywood celebrities and MTV to
create awareness of its products and had also sponsored various cricket matches. In 2013, Micromax
roped in Hollywood actor Hugh Jackman to endorse the brand in an effort to expand its footprint in
various international markets across the globe. Overall, the company spent about 2% of its sales on
advertising and marketing.
Testing Global Markets

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In 2014, Micromax embarked on its global growth efforts with operations across Russia and the
SAARC markets with innovative products that challenged the status quo in those countries. As of April
2016, 10% of Micromax's sales came from four countries—Russia, Bangladesh, Nepal and Sri Lanka,
and it planned to grow its revenue from markets beyond India to about 50% by 2020. Micromax also
planned to grow its international presence in markets such as Africa, West Asia, Eastern Europe and
the former Soviet bloc countries, including Armenia and Kazakhstan. Speaking of Micromax's
international sales, Agarwal remarked:
We have aggressively entered Nepal, Bangladesh and Sri Lanka. SAARC region sales
account for over 150,000 handsets per month. In addition to Russia, where we are in the
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third place, we also have a presence in Kuwait, Oman, Qatar and United Arab Emirates
and we have just launched our products in Afghanistan. In addition to this, we are looking
at the South American market and have carried out a soft launch in Brazil with three of our
products and are eagerly looking forward to a commercial launch very soon. Our export
figures are looking good, and we expect to increase our market share in these regions as
we have reasonably good brand recall among the local consumers.
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By 2015, Micromax's product portfolio had increased to over 65 models, ranging from tablets, feature
phones and smartphones to LED televisions and data cards (see Exhibit 10 for Micromax/ BPL
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timelines). In April 2016, as a part of its effort to keep up with customer demands, Micromax launched
two new smartphones supporting 12 Indian languages. Shubhajit Sen, Micromax's Chief Marketing
Officer, said:
Unlike the widely held perception of price being the primary barrier for upgrading from
feature phone to smartphone, our research pointed towards rural folks avoiding upgrades
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due to their limited knowledge of English. We had the first mover advantage in coming out
with smartphones in local languages.
MICROMAX’S ROAD TO MANUFACTURING: BIRTH OF BHAGWATI PRODUCTS

LIMITED
In order to take early bird advantage of the favorable manufacturing climate and set up a plant in
India, Agarwal identified Bhagwati Products Limited, a private limited company, for a takeover. Bhagwati
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Products, a manufacturer of food products and beverages, had been incorporated on October 28, 2002
and had a corporate office in Kolkata, the capital of the state of West Bengal, and a plant in Rudrapur,
Uttarakhand. However, the Rudrapur plant had become a sick and non-functional unit by the time
Agarwal’s team visited it. This unit came under the government's Sick Small Scale Industries (SSI)
scheme, and Agarwal’s takeover of the plant made him eligible for all the incentives offered by SIDCUL
to the unit.
Agarwal and Mukesh Gupta, an entrepreneur, took over BPL in September 2011 with 85% and 15%
stake, respectively. Though Micromax and BPL had common founders, the companies were two
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separate legal entities. To enable better coordination between the marketing and production functions,
BPL's corporate office was co-located with Micromax's corporate office in Gurugram. Agarwal
intentionally kept production through BPL and marketing through Micromax separate so as to avoid any
ambiguity or overlap of responsibilities. (See Exhibit 11 for the organization structure of BPL). This
organization structure provided flexibility to the plant heads and functional expertise from the corporate
head office.
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With an initial investment of INR 2 billion, 12 the plant at Rudrapur was upgraded and renovated, and
a state-of-the-art, highly automated manufacturing facility was set up. This plant had an initial production
capacity of 100,000 units (inclusive of all products) per annum; this included the manufacture of LED
televisions, tablets and data cards sold under the Micromax brand.
In 2014, there was a change in the political regime in India and the new government sought to
provide an impetus to the manufacturing sector to encourage the nation's industrial growth. As part of
its "Make in India" campaign, the government increased customs duty and reduced central excise duty
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on many items. Agarwal realized that this new policy had cost implications for him. With 14.5% customs
duty on readymade electronic goods, customs duty exemption on electronic parts, and reduced excise
duty on the manufacture of electronic goods, it would be more cost effective to backward integrate the
assembly/ manufacturing of mobile phones at the plant than to procure them from China. In January
2014, BPL set up a new production line for handheld mobile sets at the BPL plant at Rudrapur. Agarwal
was able to enjoy the benefits of economies of scale for handsets in the range of INR 3000-10,000 as
the demand for handsets in this price range was high. On the other hand, Micromax continued to
procure high-end models priced at over INR 15,000 directly from China and sell them in India, due to
low volumes.
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In 2015, the plant also benefited from the revised excise duty on tablets (from 12% to 2%) under the
2015-16 Union Budget. The basic customs duty of 10% on backlight unit modules and organic LED TVs
12
INR 60= US$1
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was scrapped.13 By FY 2013, the BPL plant at Rudrapur had an enhanced total capacity of 14.4 million
units per annum, and during FY13, the company achieved sales of INR 540 million with profit after tax
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(PAT) of INR 13.7 million (see Exhibit 12 for production details from 2012 to 2015). Commenting on the
decision to start manufacturing in India, Agarwal said:
We realized that it was imperative for us to commence manufacturing/ assembly of not

only handsets but also LED televisions in India. This would give us the dual advantage of
saving on costs as well as providing locals with jobs. We chose this path under the
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government’s new policy of 'Make in India', which encouraged the manufacturing of goods
for domestic consumption as well as for export.
When BPL came into existence, Agarwal emphasized the need for innovation in the electronics
industry and increased the company's spending on research and development (R&D). In fact, by 2015,
BPL spent around 2% of its revenues on R&D. Agarwal believed it was necessary for BPL to build itself
as an innovation focused company and decided to build an R&D center in the southern Indian city of
Hyderabad, an important hub of the technology industry. He was allotted land for the R&D facility in an
area of the city known as Hitech City, which accommodated a number of IT and IT-enabled companies.
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Basic and simple mobile devices were not a strategic priority for BPL or its competitors.
Smartphones continued to capture the market previously held by basic feature phones. However, in
India, feature phones, being low cost, still continued to be in demand among the rural population. The
profit margins for feature phones were very low compared to smartphones; therefore, in the last quarter
of FY 2015, BPL decided to stop producing feature phones as it was more economical for Micromax to
procure them from China and sell them in India, and instead focus primarily on manufacturing
smartphones.
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BPL PLANT AT RUDRAPUR
The BPL plant at Rudrapur was commissioned in May 2012. The old Bhagwati food products factory
was renovated and converted into a completely air-conditioned, dust-free plant for the production of
electronic goods with a built-up space of 200,000 square feet. Agarwal and Gupta took a bank loan of
around INR 500 million and made the plant operational with this investment. Skilled manpower for the
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plant was available locally as there were around 150,000 students in colleges and universities and
nearly 10,000 students undergoing vocational and technical training in the state each year.14
The plant initially began with the production of Micromax brand tablets. After six months, when it
was producing 20,000 tablets per month, it started production of LED TVs. It started manufacturing
mobile handsets in January 2014.
Issues at BPL Rudrapur

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There were a number of issues with the supply chain, quality control and even manpower at the
Rudrapur plant.
Supply Chain
The procurement of electronic parts from China was very erratic and rarely matched up with the
production cycle. Poor coordination between the import of kits and the production cycle resulted in loss
of revenue. The company also faced government/ bureaucratic hurdles as it was required to get
customs clearance each time the kits arrived at the plant. This often resulted in stockouts or obsolete
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stocks and markdowns. Sometimes there were surplus mobile phone kits at the plant, and, at other
times, there were no kits available and production had to be stalled. In an industry in which product life
13
Agarwal, S. (2015, February 28). Boost to manufacturing of mobile phones, tablets and other electronics. Business
Standard. Retrieved from http://www.business-standard.com/budget/article/boost-to-manufacturing-of-mobile-phones-
tablets-and-other-electronics-115022800546_1.html, on August 6, 2016.
14
Naithani, P. (2014). On industrial development of Uttarakhand: Policy framework and empirical evidences. The
Journal of Industrial Statistics, 3(1), 140-151.
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cycles were shrinking, it was imperative to have optimal inventory levels, which was only possible
through timely access to information.
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To avoid some of these problems, BPL installed SAP for Enterprise Resource Planning. This
ensured that information on raw material and finished goods inventory was available to all at any given
point of time. This certainly helped solve some of the issues. However, the problem of aligning the
marketing strategy with the production strategy continued because shipments from China was always
bulk shipments, while Micromax’s marketing strategy was to introduce at least two models every month.
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Quality Control
There were a number of production quality issues that had to be dealt with, in particular with regard
to kits received from China and Taiwan. Though BPL's agreement with its suppliers stated that all kits
that were not of the required standard could be returned and replaced at no charge, there was initially
no process in place to return the rejected kits. The production team was more concerned about meeting
its production targets than following up on the rejected kits, which remained in the stores, causing a
huge inventory pile-up and financial losses. There were also other issues related to the quality of the
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finished products. BPL addressed these by forming a 12-15 member quality circle that included
members from all departments and at all levels and was led by the plant head. The team met once a
week and discussed quality issues and brainstormed to find solutions.
Staffing
The Rudrapur plant was plagued by manpower issues, primarily because of the unit's uneven
production requirements. An increase in production during peak periods (such as festival seasons)
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necessitated the hiring of additional manpower. However, these workers were not trained, resulting in
production quality issues. On the other hand, layoffs and retrenchments during lean periods resulted in
the loss of trained workers, who moved to BPL's competitors and thus were not available for its future
requirements.
SCALING UP UNDER THE "MAKE IN INDIA" INITIATIVE: NEW PLANT IN

HYDERABAD
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The Indian Prime Minister, Narendra Modi, initiated the "Make in India" campaign in September 2014
as part of his nation-building and capacity development initiatives. The goal of the campaign was
primarily to build and transform India into a global design and manufacturing hub and at the same time
create employment for the growing Indian workforce.
Since "Make in India" was intended as a collaborative effort involving various stakeholders, the
Department of Industrial Policy and Promotion (DIPP) invited various government departments, state
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governments, industry leaders and knowledge partners to participate in it. Together, they developed a
roadmap to convert India into a manufacturing hub. This initiative also demonstrated the
transformational power of public-private partnerships. The government of the newly formed state of
Telangana in southern India was at the forefront of the initiative and took various steps to boost
investment in the state to ensure its development. The Telangana government's first major policy to
encourage investment was the new State Industrial Policy, which sought to improve the ease of doing
business in the state via such mechanisms as the Telangana State Industrial Project Approval and Self-
certification System (TS-iPASS).15
In June 2015, the Telangana government allotted over 19 acres of land to BPL at Fab City, a special
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economic zone for semiconductor companies in its capital, Hyderabad, at competitive rates. BPL made
an initial investment of INR 800 million in the plant, which had 80,000 square feet of built-up space and
an employment potential of 1,250 personnel. The plant became operational in April 2016 and started
15
IT, Electronics & Communication Department, Government of Telangana. (2015, March 27). Industrial policy
framework for state of Telangana (2014). Retrieved from http://www.it.telangana.gov.in/industrial-policy-framework-for-
state-of-telangana-2014/ on April 29, 2016.
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manufacturing mobile handsets. It also had the potential to manufacture LED TVs and other electronic
equipment in the future. Agarwal intended to ramp up domestic production to achieve a high degree of
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indigenization to reduce dependence on imports.
Agarwal had ambitious plans for BPL's growth. As a co-founder of Micromax, he had been
successful in making Micromax the second largest mobile handset supplier in India after Samsung.
Similarly, he wanted to take BPL to the forefront of consumer electronic goods manufacturing. He chose
Hyderabad as the site of BPL's second plant to take advantage of the slew of the tax incentives and
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subsidies offered by the Telangana government. He had done the same with BPL's first plant in
Uttarakhand, and now he wanted to repeat the success story in Hyderabad (see Exhibit 13 for incentives
offered by the Telangana government under the TS-iPASS Act).
In addition to increasing capacity, the Hyderabad plant was in a strategic position to maintain the
supply chain for all Micromax brand products in southern India. Agarwal said:
I knew we would have problems with regard to coordinating various operations due to
being more than 1,600 kms from Gurugram, but it was a conscious policy decision to take
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advantage of the subsidies and tax benefits. Taxes were the main drivers for cost
containment as BPL’s competitive strategy was cost leadership. In addition, we felt that
Hyderabad’s geopolitical advantage would help us make it our nodal center for South
India.
Staffing at the Hyderabad Plant
The workforce at the Hyderabad plant was largely made up of local youth in the age group of 18 to
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26 years. Special emphasis was given to recruiting women, and 45% of the workforce comprised of
women. The Vice-President of the plant, whose main role involved administration and facility
management, managing compliance issues, recruitment and liaising with government agencies, was
also a local recruit. To ensure the smooth transfer of skills to the new unit, middle-level managers in the
production, quality control, supply chain, HR and finance functions were relocated to Hyderabad from
the Rudrapur plant. One hundred workers from the Rudrapur plant were deployed to Hyderabad and
875 were recruited from the local labor pool (see Exhibit 14).
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To keep labor costs low, BPL recruited semi-skilled workers with only a high school education but
with some basic training in electrical work or electronics. These people were recruited as interns, given
a stipend of INR 8,500 per month and made permanent after six months. This approach had a dual
advantage: it reduced labor costs and also provided employment to local youth, who otherwise had
limited job opportunities. At the inauguration of the Hyderabad plant, Agarwal said:
By 2017, we aim to be India’s first and largest indigenous phone manufacturer. We have
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been the front runners for the 'Make in India' initiative, by assembling the products locally
and quickly ramping up and building capacity of complete manufacturing in close
partnership with the Government. The government of Telangana has provided a slew of
incentives, provisioning of all approvals and compliances in a time bound manner and
provided necessary infrastructure and conducive ecosystem for conduct of business
resulting in the plant becoming operational from scratch in flat six months. 16
EXPANSION INTO THE CONSUMER DURABLES SEGMENT

The BPL Rudrapur plant served the consumer electronics segment, manufacturing LED TVs, laptops
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and mobile phones. The demand for consumer durables such as air conditioners, washing machines
and refrigerators was on the rise, mainly due to the growth in disposable income in the country. The
16
Minister inaugurates Micromax manufacturing facility at Maheshwaram. (2016, April 15). IT, Electronics &
Communications Department, Government of Telangana (Press Release). Retrieved from
http://www.it.telangana.gov.in/minister-inaugurates-micromax-manufacturing-facility-at-maheshwaram-2/, on August 6,
2016.
ISB073
t
market for white goods was also growing at 14% per annum and was expected to peak at 17% in the
coming years (see Exhibit 15).
os
As competition increased, most electronics companies diversified into other profitable segments.
For example, Samsung, which had been a leader in consumer electronics, had shifted its focus to
smartphones. Videocon, a manufacturer of consumer durables, had forayed into satellite TV networks
and smartphone and feature phone manufacturing.
rP
Agarwal realized that to sustain growth in this highly competitive environment, BPL not only needed
to reduce its dependence on Chinese vendors but also diversify production. Agarwal elaborated:
We adopted a three-pronged production strategy. As our contractors in China were the

main suppliers of Micromax products, the first strategy was to shift the assembly lines from
China to India by procuring electronic components from China. We have been successful
in achieving this to a large extent, and most of Micromax brand products are now
assembled at the Rudrapur and Hyderabad plants. The next strategy was to diversify into
consumer electronic goods to optimally utilize the production capabilities of the newly
yo
commissioned plant. We have initiated this and started production of air conditioners in
March 2016. The third strategy was to focus on R&D, so that our dependence on Chinese
suppliers to develop electronic products could be reduced and slowly eliminated. We feel
that ‘Make in India’ is equally applicable to design, concepts and software. This strategy
is also progressing with the establishment of an R&D center in Hyderabad.
Recognizing the scope of the consumer durables segment, Agarwal not only increased mobile
production capacity at the BPL Hyderabad plant but also started manufacturing air conditioners under
op
the Micromax brand in March 2016. The Rudrapur plant reduced mobile handset production, and a few
managers and workers were relocated to the Hyderabad plant. BPL's diversification strategy was to
make its entry into the white goods market. Agarwal said:
We want to establish ourselves as the leading consumer durables brand in the next couple
of years. To offer a complete range of white goods, Micromax is looking to launch washing
machines in the second half of 2017. To start with, the company will offer four models—
tC
one window AC and three split ACs, with prices ranging from INR 20,000 to INR 30,000.
Price will be our USP and we will try and offer the best features at affordable prices.
LOOKING AHEAD: BPL’S GROWTH CONCERNS

It was under the central and state governments' incentive driven policies that BPL had built its
Hyderabad plant. Once it was fully functional, the Hyderabad plant would have the capacity to
manufacture one million mobile phones per month. With the operationalization of the Hyderabad plant,
No
Agarwal had three projects to put into action. He had confirmed offers from the government of Rajasthan
to set up a plant in Bhiwadi, the government of Madhya Pradesh to set up a plant in Indore and the
state of Andhra Pradesh to establish a plant in Tirupati.
With the Bhiwadi plant likely to become operational by December 2016, the growth of BPL had been
very aggressive. Its product portfolio was limited, and moreover, within that portfolio, the mobile phone
segment had seen an increase in the number of competitors, and Micromax's market share had dipped
in the last quarter of 2015-16.
Agarwal mulled over his options. One option was to aggressively diversify into the consumer
Do
durables segment, manufacturing refrigerators, air conditioners, washing machines, etc., by optimally
using the existing production facilities, exploiting present competencies and taking advantage of the
growing market for these goods in developing countries where disposable incomes were increasing.
But was this international expansion viable and sustainable? The second option was not to diversify
into the white goods segment, where established players such as Samsung, LG, Videocon and
Panasonic were already present. Instead, the company could use the additional production capacity to
manufacture the existing product mix of mobile phones, tablets and LED TVs and become an exporter
ISB073
t
of this product mix to neighboring countries such as Sri Lanka, Thailand, the Philippines and the
Maldives, in addition to the Middle East, Russia and Africa. Micromax was already exporting to SAARC
os
countries; thus, the foundation to build demand already existed in many foreign markets. Agarwal
wondered if he should move forward with his aggressive diversification plans, or pause and consolidate
his existing product portfolio by building demand for the products by becoming a bigger exporter. These
thoughts were playing on Agarwal's mind as he left the airport and made his way to his office in
Gurugram, where the BPL leadership team was waiting for him in the board room.
rP
yo
op
tC
No
Do
ISB073
t
EXHIBIT 1
os
COMPARATIVE MARKET SHARE OF MICROMAX
(Retail market share volume excluding online sales)
Market share in the INR 6000-15000 category, which is 55% of smartphone sales
Market Share in 2014 (%)
rP
45 41
40
35
30
25
20 17
yo
16 16
14 Market Share (%)
15
10 6
5
0
op
Market Share in Feb 2016 (%)
tC
60 55
50
40
30 24
20 Market Share (%)
No
9
10 5 3 4
0
Source: Doval, P. (2016, April 14). Micromax unveils 15 phones in turf war. Times of India., Retrieved from
http://www.gadgetsnow.com/tech-news/Micromax-unveils-15-phones-in-turf-war/articleshow/51817932.cms, on August
Do
6, 2016.
Bhagwati Products Limited—Making in India For Micromax | 11
ISB073
t
EXHIBIT 2
os
PROPORTION OF SMARTPHONE CONNECTIONS BY REGION
90
Developed Regions
80
rP
70
60
50
2014
40
2020
30
yo
20
10
0
Smartphones Feature Phones Data Terminals
op
70
Developing Regions
60
50
40
2014
30
tC
2020
20
10
0
Smartphones Feature Phones Data Terminals
No
Source: GSMA. (2015). The mobile economy 2015. Retrieved from

2016.
Do
ISB073
t
EXHIBIT 3
os
UNIQUE SUBSCRIBER PENETRATION BY REGION
90
82.2
78.9
80
70 71.1
rP
70
59.3 58.6 57.2
60 54.5
52.3 50.5
49.9 48.7
50 44.6
39
40 2014
2020
30
yo
20
10
0
Europe North Global Latin Asia Pacific Middle East Sub-
America Average America and North Saharan
Africa Africa
op
2016.
tC
No
Do
ISB073
t
EXHIBIT 4
os
MOBILE-ENABLED PRODUCTS AND SERVICES IN THE DEVELOPING WORLD
rP
Others
Money
Learning
yo
Health
op
Note: "Others" includes disaster response, energy access, green network, near field communication (NFC) and smart
cities

2016.
tC
EXHIBIT 5
RISING PER CAPITA INCOME IN INDIA (2010-2019E)

No
Do
Source: IMF, TechSci Research, as cited in IBEF (2015, August). Telecommunication. Retrieved from
http://www.ibef.org/download/Telecom-August-2015.pdf on December 6, 2016.
ISB073
t
EXHIBIT 6
os
INDIA’S POSITION IN MOBILE CELLULAR TARIFFS (US$ per month), 2008
rP
yo
Source: World development indicators. World Bank. As cited in TRAI. (2012). Telecom sector in India: A decadal profile.
Retrieved from http://www.trai.gov.in/WriteReadData/Publication/Document/201304121052403536675NCAER--
Report08june12.pdf, in November 2016.
op
tC
No
Do
ISB073
t
EXHIBIT 7
os
MAJOR PLAYERS IN THE ELECTRONICS INDUSTRY IN INDIA
Players in Electronics Feature Smart- Laptops/ TVs White Net Sales for FY 2013-
Industry in India Phones phone Tablet Goods 14
s (in INR billions)
Samsung √ √ √ √ √ 403.9217
rP
LG India √ √ √ √ √ 115.8012
Videocon √ √ χ √ √ 125.8118
Sony √ √ √ √ √ 100.0012
Apple χ √ √ χ χ 45.0019
Lenovo χ √ √ χ χ 40.2820
Gionee √ √ χ χ χ 5.0021
Vivo √ √ χ χ χ Entered India in 2015
Karbonn √ √ √ χ χ 45.0022
Lava International √ √ √ χ χ 29.0923
yo
Micromax √ √ √ √ √ 72.0024
Source: Created by the case authors.

op
tC
17
Mukherjee, W., & Malviya, S. (2014, November 13). LG Electronics fails to grow its sales in Indian market in
FY14. The Economic Times. Retrieved from http://economictimes.indiatimes.com/industry/cons-products/electronics/lg-
No
electronics-fails-to-grow-its-sales-in-indian-market-in-fy14/articleshow/45130264.cms, on November 25, 2016.

18
Yearly results of Videocon Industries. MoneyControl.com. Retrieved from
http://www.moneycontrol.com/financials/videoconindustries/results/yearly/VLF, on November 25, 2016.
19
Mitra, S. (2014, October 27). Apple's India revenue jumps 10-fold in just four years. Business Standard.
Retrieved from http://www.business-standard.com/article/companies/apple-s-india-revenue-jumps-10-fold-in-just-four-
years-114102700016_1.html, on November 25, 2016.
20
Dutta, A. (2016, February 5). Lenovo India turns profitable in 2014-15. Business Standard. Retrieved from
http://www.business-standard.com/article/companies/lenovo-india-turns-profitable-in-2014-15-116020500054_1.html, on
25 Nov 2016
21
Rathor, S. (2014, June 21). Gionee eyes Rs 3,000 crore sales in FY15. The Times of India. Retrieved from
http://timesofindia.indiatimes.com/business/india-business/Gionee-eyes-Rs-3000-crore-sales-in-
FY15/articleshow/36965821.cms, on November 25, 2016.
Do
22
Karbonn Mobiles expects to go public by 2016. (2014, August 26). Times of India. Retrieved from
http://economictimes.indiatimes.com/tech/hardware/karbonn-mobiles-expects-to-go-public-by-
2016/articleshow/40871173.cms, on November 25, 2016.
23
Lava clocks Rs 2,909 crore revenue in FY 2013-14. (2014, April 6). GadgetsNow.com. Retrieved from
http://www.gadgetsnow.com/tech-news/Lava-clocks-Rs-2909-crore-revenue-in-FY-2013-14/articleshow/33324885.cms,
on November 25, 2015.
24
Ghosh, M. (2015, April 23). Micromax crosses Rs 10,000 cr revenue in 2014; Sold 10M mass market phones. Trak.in.
Retrieved from
http://trak.in/tags/business/2015/04/23/micromax-revenue-growth-india/, on November 26, 2016.
ISB073
t
EXHIBIT 8
os
MICROMAX PROFIT AND LOSS STATEMENT, 2009 to 2015 ($ ’000)
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15

Revenue by
Product
Feature
47,087 241,102 349,134 188,504 289,606 568,111 998.234
rP
Phones
Smartphones - - - 7,087 137,638 469,772 786,122
Data Cards 2,992 4,409 10,709 14,803 17,480 15,144 1,798
Tablets - - - - 33,858 4,954 16,399
LED TVs and
Home - - - - 5,512 27,268 47,009
Theaters
yo
Others 4,252 945 2,205 - - 26,635 33,409
Total
Product 54,331 246,457 362,047 210,394 484,094 1,111,884 1,882,971
Revenue
Other Income - 5,748 4,945 3,732 7,591 - -
Total
54,331 252,205 366,992 214,126 491,685 1,111,884 1,882,971
Revenue
EBIDTA - 53,181 47,496 4,362 45,638 75,124 98,203
op
Interest - 1,417 1,307 724 2,693 4,185 5,520
Depreciation - 142 268 235 236 398 433
Profit Before
- 51,622 45,921 3,402 42,709 70,541 92,250
Tax
Tax - 17,764 15,354 1,150 13,921 6,428 7,843
Profit After
tC
- 33,858 30,567 2,252 28,787 64,113 84,407

Tax
Source: Company documents.

No
Do
ISB073
t
EXHIBIT 9
os
TAX BENEFITS AND SUBSIDIES OFFERED BY SIDCUL
The various benefits and subsidies offered by SIDCUL are as follows:
1. Industries established in the state that came into production by March 31, 2012 were offered 100%
income tax exemption for the first five years and 30% for the next five years.
rP
2. Companies were given a capital investment subsidy of up to 15% on plant and machinery, limited to INR
3 million.
3. Central excise exemption was available to units set up before March 31, 2010.
4. Exemption from entry tax on plant and machinery for companies setting up an industry or undertaking
substantial expansion and modernization.
5. Stamp duty concessions provided in respect of land in specialised commodity parks, including IT parks.
6. Interest incentive at 3% with a maximum of INR 200,000 per annum per unit were available to New
Small Scale Industries (SSIs) and existing SSIs for modernization and substantial expansion, provided
yo
they had loans from state-level financial institutions or banks operating in Uttarakhand and had not
defaulted on the payment of principal or interest installments. However, for SSI units and units notified
as 'thrust industries' being set up in remote areas, the interest incentive was at 5% with a maximum of
INR 300,000 per annum. The interest incentives were admissible to the unit only if it remained in
operation through the last installment, failing which the government had the right to recover the amount
of incentive availed.
7. For the revival/ rehabilitation of sick SSI units, interest incentive at 3% with a maximum of INR 200,000
per annum was provided on the loan taken under the fully tied-up revival and rehabilitation package
op
from financial institutions, banks, etc. For entrepreneurs in remote areas, the interest incentive was
granted at 5% with a maximum of INR 300,000 per annum.
8. Continuous/ uninterrupted power supply was provided to industries.25
9. Provided an enabling administration system for obtaining easy clearances and approvals from various
governments through a single-window mechanism.
Source: Industries Association of Uttarakhand. Uttarakhand industrial policy (Draft). Retrieved from
tC
http://www.iauonline.in/pdf/Draft%20Uttarakhand%20Industrial%20policy,%20By-IAU.pdf, on February 15, 2016.

No
Do
25
Uninterrupted power supply was a major issue in the area before the division of the state of Uttar Pradesh into
Uttarakhand and Uttar Pradesh. This was one of the main reasons for poor industrial growth in the area, and this issue
was being tackled by the newly formed state of Uttarakhand.
ISB073
t
EXHIBIT 10
os
MICROMAX/ BPL TIMELINES
Timelines Micromax/ BPL Activity

2000 Micromax formed as a software company
2008 Micromax starts selling mobile handsets procured from contract manufacturers in China and Taiwan
December Micromax emerges as the leading Indian handset brand, selling 700,000 handsets monthly across
rP
2009 45,000 retail outlets
2010 Micromax enters the tablet market with its Funbook series
2011 The BPL plant at Rudrapur is upgraded and renovated, and a state-of-the-art, highly automated
manufacturing facility is set up
2012 BPL plant manufactures LED TVs, tablets and data cards, which are sold under the Micromax brand
with a production capacity of 100,000 units (all products) per annum
January BPL sets up a new production line for handheld mobile sets at the BPL plant at Rudrapur
2014
2014 Micromax starts its global operations in Russia and the SAARC markets with innovative products
yo
2015 Product portfolio grows to over 65 models ranging from tablets, feature phones, smartphones, LED
TVs and data cards
April 2016 BPL plant at Hyderabad becomes operational for manufacturing mobile handsets.
Source: Compiled by the authors.

op
tC
No
Do
ISB073
t
EXHIBIT 11
os
BPL ORGANIZATION STRUCTURE
Rajesh Agarwal
Chairman
rP
Mukesh Gupta
MD
yo Vice President
Operations
CFO Corporate
HR
op
Vice President Plant Head Manager Manager HR
Rudrapur Plant Finance
Vice President
Hyderabad Plant Head Manager Manager HR
tC
Plant Finance

No
Do
ISB073
t
EXHIBIT 12
os
PRODUCTION VOLUME OF VARIOUS PRODUCTS AT BPL RUDRAPUR (2013-16)
Product 2013 2014 2015 2016
LED TVs 36,012 184,644 506,733 835,080
rP
Tablets 39,281 228,326 168,237 150,564
Data Cards - 568,924 660,401 500
Mobile phones - 143,162 3,018,784 18,999,601
yo
Others 306,364 169,021 39,134 43,941
Total 381,657 1,294,077 4,393,289 20,029,686

op
EXHIBIT 13
INCENTIVES OFFERED BY TELANGANA GOVERNMENT UNDER THE TS-iPASS ACT
x The government will have time-bound approvals, clearances and a single window provision for all approvals.
x Transport Subsidy: Transport subsidy on fuel cost/ billing and freight (train) provided for the first five years
on imports of the parts and components, from the sea port to the Telangana plant. The percentage subsidy
tC
that shall be offered over five years is as follows: 1st year: 60%, 2nd year: 50%, 3rd year: 40%, 4th year:
30%, and 5th year: 20%.
x Power Subsidy: Power supplied on average cost of service (as fixed by the Telangana State Electricity
Regulatory Commission). Alternatively, the units can avail of a 25% power subsidy for a period of three years
or INR 30 lakhs [INR 3 million], whichever is earlier.
x Uninterrupted power supply and fixed power cost reimbursement of INR 1/ KWH for 10 years.
x Reimbursement of Costs for Quality Certification: Up to 50% subsidy on expenses incurred for quality
certification/ patent registration.
No
x Stamp Duty: 100% stamp duty will be reimbursed.

x Capital Subsidy: 20% capital subsidy will be provided, subject to a ceiling of INR 100 million per company
(including subsidiaries and ancillary units).
x Interest Subvention: Provided at 5.25% per annum on a term loan for a period of five years or until 50% of
the capital involved is reached, whichever is earlier, subject to an overall ceiling of INR 100 million per unit
per annum.
x Reimbursement of Net Value Added Tax (VAT): Reimbursement of VAT on a quarterly basis for the first
five years.
x Central Sales Tax (CST): Waiver of existing CST of 2%.
Do
Source: IT, Electronics & Communication Department, Government of Telangana. (2015, March 27). Industrial policy
framework for state of Telangana (2014). Retrieved from http://www.it.telangana.gov.in/industrial-policy-framework-for-
state-of-telangana-2014/ on April 29, 2016.
ISB073
t
EXHIBIT 14
os
WORKFORCE COMPOSITION OF BPL PLANT, HYDERABAD (APRIL 2016)
Rudrapur Local Total
Senior Manager - 1 1
Manager 4 - 4
rP
Officers - 5 5
Staff - 10 10
Workers 100 875 975
Total 104 891 995
EXHIBIT 15
yo
DEMAND FOR CONSUMER DURABLES IN INDIA
Indian Market Size (₹ billion)

op
1305
tC
735
No
618 231
514
435
223
257 96 108
77 86
87 93
68 74 81 262
41 87 101 122 140
37
2009 2013 2014 2015 2016 E __ 2020P
Washing Machine Refrigerator Air Conditioner TV
Do
Source: JP Morgan, TechNavio, Spark capital estimates and EY Analysis, as cited in FICCI (2015, April). Study on
Indian electronics and consumer durables segment. Retrieved from http://www.ey.com/Publication/vwLUAssets/EY-
study-on-indian-electronics-and-consumer-durables/%24FILE/EY-study-on-indian-electronics-and-consumer-
durables.pdf, on Aug 26, 2016

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Indian School of Business

Bhagwati Products Limited—Making in India for Micromax

OVERVIEW OF THE INDIAN ELECTRONICS INDUSTRY

Mobile Phone Industry

MICROMAX’S MARKETING STRATEGY

Testing Global Markets

4 | Bhagwati Products Limited—Making in India for Micromax

MICROMAX’S ROAD TO MANUFACTURING: BIRTH OF BHAGWATI PRODUCTS

We realized that it was imperative for us to commence manufacturing/ assembly of not

Issues at BPL Rudrapur

SCALING UP UNDER THE "MAKE IN INDIA" INITIATIVE: NEW PLANT IN

Staffing at the Hyderabad Plant

EXPANSION INTO THE CONSUMER DURABLES SEGMENT

We adopted a three-pronged production strategy. As our contractors in China were the

LOOKING AHEAD: BPL’S GROWTH CONCERNS

Bhagwati Products Limited—Making in India for Micromax | 9

10 | Bhagwati Products Limited—Making in India for Micromax

Market Share in 2014 (%)

Bhagwati Products Limited—Making in India For Micromax | 11

Source: GSMA. (2015). The mobile economy 2015. Retrieved from

12 | Bhagwati Products Limited—Making in India for Micromax

Bhagwati Products Limited—Making in India For Micromax | 13

Source: GSMA. (2015). The mobile economy 2015. Retrieved from

RISING PER CAPITA INCOME IN INDIA (2010-2019E)

14 | Bhagwati Products Limited—Making in India for Micromax

Bhagwati Products Limited—Making in India For Micromax | 15

Source: Created by the case authors.

electronics-fails-to-grow-its-sales-in-indian-market-in-fy14/articleshow/45130264.cms, on November 25, 2016.

2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15

- 33,858 30,567 2,252 28,787 64,113 84,407

Source: Company documents.

Bhagwati Products Limited—Making in India For Micromax | 17

The various benefits and subsidies offered by SIDCUL are as follows:

http://www.iauonline.in/pdf/Draft%20Uttarakhand%20Industrial%20policy,%20By-IAU.pdf, on February 15, 2016.

Timelines Micromax/ BPL Activity

Source: Compiled by the authors.

Bhagwati Products Limited—Making in India For Micromax | 19

Source: Company documents.

20 | Bhagwati Products Limited—Making in India for Micromax

Product 2013 2014 2015 2016

LED TVs 36,012 184,644 506,733 835,080

Data Cards - 568,924 660,401 500

Mobile phones - 143,162 3,018,784 18,999,601

Total 381,657 1,294,077 4,393,289 20,029,686

Source: Company documents.

INCENTIVES OFFERED BY TELANGANA GOVERNMENT UNDER THE TS-iPASS ACT

x Stamp Duty: 100% stamp duty will be reimbursed.

Bhagwati Products Limited—Making in India For Micromax | 21

Rudrapur Local Total

Source: Company documents.

Indian Market Size (₹ billion)

22 | Bhagwati Products Limited—Making in India for Micromax

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