Elista signs MoU with Andhra Pradesh government, to set up new manufacturing plant with an investment of 100 crores
Elista met the Chief Minister of Andhra Pradesh, Mr. Y.S. Jagan Mohan Reddy has signed an MoU with the Government of Andhra Pradesh. Under this MOU, Elista will invest Rs 100 crore to set up its second manufacturing plant in Andhra Pradesh. The company said that we are grateful to the Government of Andhra Pradesh for the unwavering support and faith shown in its capabilities.
Elista, a leading manufacturer of electronics, home appliances, IT, and mobile accessories in India, presented the Chief Minister of Andhra Pradesh, Mr. Y.S. Jagan Mohan Reddy has signed an MoU with the Government of Andhra Pradesh. Under this MoU, Elista will invest Rs 100 crore to set up its second manufacturing plant in Andhra Pradesh.
Elista recently announced plans to set up a 1.32 lakh sq ft state-of-the-art facility in Andhra Pradesh by March 2023 with an investment of Rs 250 crore. This is going to be Elista's second consecutive plant in the state. What is the whole news, let's know.
Slated to become operational in December 2024, the new manufacturing plant marks Elista's entry into the smartwatch segment to diversify its product portfolio. The company is planning to generate revenue of Rs 50 crore from this category by the next financial year. The state-of-the-art plant will have a production capacity of 10 lakh smartwatches and 2 lakh speakers and will create employment opportunities for around 500 people.
Saket Gaurav, Chairman and Managing Director, of Elista, said, “We are grateful to the Government of Andhra Pradesh for the unwavering support and faith shown in our capabilities. We are glad that this new plant will create employment opportunities for the local population and play a role in our vision of 'Making in India for the world'.
We are confident that the favorable policies, strong infrastructure, and progressive ecosystem in the state will not only help us create technologically advanced products but also strengthen the overall manufacturing ecosystem in the country. The expansion in the smartwatch category will help Alista become a one-stop solution for customers.
Let us tell you that the company's first plant will focus on manufacturing TVs and LED monitors and the new plant will promote in-house manufacturing of audio speakers, smartwatches, and other large equipment. Elista has recently entered UAE and CIS markets and the company is looking to enter other key markets in the MEA region by next year.
