 "Elista, Elista India")
Electronics maker Elista on Thursday said it will invest Rs 100 crore in Andhra Pradesh to set up a manufacturing unit for Smart LED TVs, smartwatches, audio speakers, and large appliances.
The company has signed an MoU (Memorandum of Understanding) with the Government of Andhra Pradesh to set up its second manufacturing plant in the state, the company said in a statement.
Earlier, Elista had announced setting up a 1.32 lakh square feet facility in Andhra Pradesh with an investment of Rs 250 crore in March 2023.
The second plant, which is scheduled to be operational in December 2024, would help Elista's foray into the smartwatch segment.
"The company is planning to generate Rs 50 crore in revenue from this category by the next financial year. This state-of-the-art plant will have a production capacity of 10 lakh smartwatches and 2 lakh speakers, and will generate an employment opportunity for around 500 people," it said.
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"The expansion into the smartwatches category will help Elista become a one-stop solution for consumers," Chairman and Managing Director Saket Gaurav said.
The first plant will focus on manufacturing TVs and LED monitors and the new plant is for audio, smartwatches, and other large appliances.
Founded in 2020, Elista is part of UAE-based TeknoDome Group. Its product portfolio comprises appliances such as LED televisions, washing machines, coolers, dishwashers, refrigerators, IT accessories, mobile accessories, and speakers.
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