 "Mitsubishi Electric")
Mitsubishi Electric will set up a plant to manufacture air conditioners and compressors at Mahindra World City Developers' industrial park in Chennai with an investment of USD 222 million.
The new factory will be Mitsubishi Electric's first air conditioners and compressors manufacturing facility in India. This factory will cater to the growing air conditioner demand in the domestic market and is expected to begin operations by October 2025, Mahindra Lifespace Developers said in a regulatory filing.
Mahindra Industrial Park Chennai Ltd (MIPCL), a joint venture between Mahindra World City Developers Ltd and Sumitomo Corporation of Japan, has signed Mitsubishi Electric India Pvt Ltd and has given land in its industrial park to set up the facility, it added.
"Recognised as the world leader in electric and electronic equipment manufacturing, Mitsubishi Electric will set up a plant to manufacture air conditioners and compressors spread across 52 acres at Origins by Mahindra, Chennai," the filing said.
Mahindra Lifespace is the real estate arm of business conglomerate Mahindra Group. It is into development of residential projects and industrial & logistics parks. The first phase of 'Origins by Mahindra' at Chennai is spread over 307 acre.
"With an investment of around USD 222 million, the facility, once fully operational, will enable Mitsubishi Electric to achieve an annual production capability of 3,00,000 units of room air conditioners and 6,50,000 units of compressors," the filing said.
Rajaram Pai, Chief Business Officer - Industrial at Mahindra Lifespace said, "This achievement marks a significant milestone in our journey towards establishing a world-class ecosystem for businesses to prosper and succeed. Our strategic location, coupled with our robust infrastructure and commitment to sustainability, positions us as a leading destination for the manufacturing industry."
Kazuhiko Tamura, Managing Director of Mitsubishi Electric India, said, "We grew the air conditioner business by expanding its sales channels and establishing a market position as a premium brand supplying a wide variety of high-quality, high-performance products."
The new manufacturing facility is expected to strongly support stable product supply as the Indian market continues to grow due to its increasing population and expanding economy, Tamura said.
Established in 1994, Mahindra Lifespace's development footprint spans 32.97 million square feet of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5,000 acre of ongoing and forthcoming projects under development/management at its integrated developments/ industrial clusters across four locations.
Integrated cities and industrial clusters are being developed under the 'Mahindra World City' and 'Origins by Mahindra' brands, respectively.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
