Tuesday, November 13, 2018
Home > Featured > Tanzanian Multimillionaire Invests Shs18bn To Build Smartphone Factory

Tanzanian Multimillionaire Invests Shs18bn To Build Smartphone Factory

IPP Group, a conglomerate owned by Tanzanian multi-millionaire tycoon Reginald Mengi, is partnering with Touchmate, a computer products manufacturing company based in Dubai, to establish a smartphone manufacturing plant in Tanzania, Forbes reports.

According to a report by IPP Media, the plant will initially manufacture 1,200 smartphones and will employ 2,000 Tanzanians, including a significant number of physically challenged people.

The new company, which is called IPP Touchmate, will manufacture smartphones, electronic gadgets like computers, Tablets, Bluetooth music speakers, headphones, earphones and various home appliances at competitive prices.

Mengi, who spoke to a group of Journalists in Dar es Salaam on Wednesday, said his company has studied the Tanzanian market thoroughly and is prepared to offer competitive products, of high quality, and durable to an international standard.

IPP Group is investing $5 million (UShs18.7bn) to establish the factory, and the company expects to manufacture its first batch of smartphones within the next 90 days.

Reginald Mengi, one of East Africa’s most storied empire builders, is the founder of the IPP Group, one of Tanzania’s largest conglomerates. The company has interests in the media, Coca-Cola bottling, mining and consumer goods. His Autobiography, ‘I Can, I Must, I will’ was released in July.

 

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