Chinese consumer appliances company Midea Group on Thursday announced that it will invest Rs 800 crore to set up a manufacturing facility in Pune, generating some 500 jobs over the next five years.
The company said it will acquire 43 acres of land in Supa Parner Industrial Park II near Pune, Maharashtra, to set up a greenfield manufacturing facility for consumer home appliances and components.
According to the company -- which has been in operation in the country since 2013 -- the new facility is expected to commence commercial operations by 2018-end.
"The products manufactured at the plant will cater to Midea Group's operations in India as well as others. The facility will also evaluate exports for Midea Group to other distribution locations," the company said in a statement.
The statement said that the manufacturing facility would have a dedicated research and development (R&D) centre which would design, develop and test products for the Indian market.
"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'," said Andy Gu, Vice President of the Midea Group.
"This manufacturing plant will further support our focus to accelerate our business and establish Midea as a significant player in the home appliances market in India," he added.
The new facility would have a capacity to manufacture five lakh refrigerators, six lakh washing machines and 10 lakh water appliances products, the statement said.
--IANS
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