Home-grown mobile devices maker Lava International has elevated its President Sunil Raina as Whole Time Director and interim managing director with immediate effect, the company said on Tuesday.
He will handle the company’s business in place of Lava’s Managing Director Hari Om Rai who is in the custody of Enforcement Directorate for his alleged involvement in money laundering case filed against Chinese mobile devices company Vivo.
“Raina will assume the role of interim managing director with immediate effect, following approval by the company’s board in its meeting on November 6, 2023,” Lava said in a statement.
With an overall experience of more than two decades, Raina has been an integral part of Lava International for the past 13 years, previously serving as President and Business Head.
Raina leads Lava’s operations, ensuring that the company continues to innovate and grow while maintaining its commitment to ‘Make in India’, the statement said.
“We are in a fast-paced growth phase of our brand journey and we see a great opportunity ahead. I’m pleased to take on this role and eager to contribute to Lava’s continued success through consistent innovation and delivering exceptional quality to our consumers,” Raina said.
The company in early October announced plans to capture 10 per cent market share in under Rs 30,000-priced smartphone segment on account of up to Rs 600 crore investment in product development and marketing in the next two years.
Lava is the only Indian mobile devices maker left in the country after several home-grown companies succumbed to aggressive pricing coupled with pressure on businesses due to shift in GST regime and demonetisation in 2016 and 2017.
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