New Delhi: Chinese consumer appliances maker Midea Group on Thursday announced its plans to invest Rs800 crore to set up a manufacturing facility in Maharashtra by the end of 2018.
The new facility, which will be spread over 43 acres of land near Pune, will manufacture appliances like refrigerators, washing machines, water appliance products and is expected to generate 500 jobs over the next five years.
According to an official statement released by the company, products manufactured at the new plant will cater to India as well as some foreign markets. “The facility will also evaluate export for Midea Group to other distribution locations. The new plant is an exemplary showcase of Midea Group’s long-term commitment to the Indian market," said the statement.
“India is a key market in our global growth strategy and will be an important manufacturing hub in the future. Our investment is an example of Midea’s belief in the Indian market and reiterates our commitment to ‘Make in India’. The new home appliances manufacturing plant in India will enable us to offer “designed in India" product solutions to our valued customers," said Andy Gu, vice president, Midea Group, in a statement.
The manufacturing facility will have a dedicated research and development (R&D) centre which will design, develop and test products for the Indian market. The plant will have a capacity to manufacture five lakh refrigerators, 600,000 washing machines and 1 million water appliances products, according to the statement.
Globally, Midea group has operations in over 200 countries and is a leading consumer appliances player with interests in robotics and industrial automation systems as well. In 2016, the company had earned $24 billion in revenue.