Elista, an electronics and home appliance company, will set up its manufacturing plant in the Kadapa district of Andhra Pradesh. The facility will be set up with an investment of Rs 250 crore.
According to a PTI report, Chairman and Managing Director Saket Gaurav said the investment for the new plant would be funded equally from equity and debt, as the company is in talks with some financial institutions.
“We plan to put our investment in a phased manner. Initially, we will be investing around Rs 50 crore, which will produce almost one million units of smart TVs and monitors,” he said, adding that “in five years, we will invest almost Rs 250 crore in this facility”.
The company has plans to get into the production of home appliances like refrigerators, washing machines, and dishwashers from this facility, said Gaurav.
“The manufacturing facility would create around 500 jobs. The revenue that we can generate out of this plant will be close to Rs 1,500 crore (when fully completed), combined from domestic and export sales,” he added.
Gaurav claimed that while there would be little room for expansion in the local market, there is enormous opportunity in the export sector because many businesses are shifting their production orders from China to India.
“We also look forward to catering to the domestic market, which has very defined growth, and at the same time, we want to focus on growth in the export market,” he said.
The company expects a 60 percent contribution to the total projected income from its Andhra plant to come from the export market.
Elista, a 2020 startup, is a member of the UAE-based TeknoDome Group. Appliances such as LED televisions, washing machines, refrigerators, dishwashers, coolers, and mobile and IT devices are included in its product line.
Elista has signed the Memorandum of Understanding with the Jagan Mohan Reddy government at the Andhra Pradesh Global Investors Summit (APGIS), held in Vishakhapatnam.
Source : ABP Live