Upstart surges 824% as CEO bets on phone manufacturing in India

Almost three decades ago, Sunil Vachani borrowed $35,000 so he could start making 14-inch television sets in a rented shed outside New Delhi. It was an unconventional choice given India, though renowned for software and services, had long lagged behind in manufacturing.

Today, Vachani’s startup has grown into a sprawling electronics empire. His Dixon Technologies boasts a market value of more than $2.5 billion and the capacity to produce about 50 million smartphones this year. It’s an early indicator of the country’s opportunities — and challenges — in building a sophisticated manufacturing sector, a top priority for Prime Minister Narendra Modi.