New Delhi: Haier India, a wholly owned subsidiary of Chinese consumer electronics maker Haier Group, on Friday said it will invest 3,069 crore to set up a factory in Greater Noida, a satellite town near New Delhi.

To formally start work, the local entity of the Chinese firm signed an agreement with the government of Uttar Pradesh on Friday.

The proposed factory, spread over 123 acre in Integrated Industrial Township Greater Noida Ltd, will be built in two phases over four years. “We hope to complete the first phase and start commercial production by 2020," Eric Braganza, president, Haier India, said. This will be the second manufacturing facility of Haier in India.

The company already has a plant at Ranjangaon, Pune. The company initiated manufacturing of refrigerators in India in 2007 at the Ranjangaon factory, and expanded capacity of its first facility in November 2017.

The Ranjangaon factory has an annual production capacity of 1.8 million units of refrigerators and 0.5 million units each of washing machines, air conditioners, LED televisions and water heaters.

The new factory will have the capacity to make two million refrigerators, one million air conditioners, one million washing machines and one million LED televisions annually.

“The new facility will employ about 4,000 directly, and about 10,000 indirect employment is expected to be generated," Braganza said.

Haier has grown at more than 50% during the past year in India, he said. “By the end of this year, Haier will be one of the top five brands in consumer electronics sector in India," he said.

“India is a dynamic and important market for the Haier Group and our investment trajectory in the country is a testimonial to this. Setting up a new manufacturing unit will not only help us build a better presence in the country, but will also enable us to innovate more for our Indian customers with solutions that complement their evolving lifestyles," said Song Yujun, vice-president (global appliances), Haier Group and managing director, Haier Appliances India.

Haier is not the only Chinese consumer electronics company to set up factories in India.

Last year, Midea Group had announced investment of 800 crore to set up a manufacturing facility in Pune.