 "Addverb to expand robots production in India by 10 times in FY23")
Robotics and automation firm Addverb plans to expand its robot manufacturing unit in India to boost its output by around 10 times in the next financial year, a senior company official said.
The company has announced the start of international operations in Singapore, Australia, Europe and is looking to start operations in the US before the end of the ongoing calendar year.
"Addverb is looking to expand its manufacturing capability and is looking to create the world's largest robot manufacturing facility in India which will expand Addverb's capabilities by almost 10 times by next financial year," Addverb Technology CEO Sangeet Kumar told PTI.
The company has a manufacturing unit in Noida which was inaugurated in March with capacity to manufacture more than 50,000 robots of varied types in a year.
Addverb will also set-up micro-factories in geographies where it sees a surge in demand.
"Addverb plans to onboard 30 global employees across different offices at middle and top management positions and will also be looking for existing employees from India with relevant subject matter expertise to support global offices," Kumar said.
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According to the company, the global robotics market was valued at USD 27.73 billion in 2020 and is expected to reach USD 74.1 billion by 2026.
The company aims to be in the top five global robotics companies by 2025, Kumar said.
Addverb claims to have more than 100 customers including the likes of Reliance, Flipkart, Amazon, Hindustan Unilever, Coca-Cola, PepsiCo, Future Supply Chain, Marico etc.