The new manufacturing plant will produce and assemble air conditioners and related cooling equipment with a total capacity of over 1 million units in the initial phase.
Voltas, an India-based air conditioning and cooling technology provider, has reportedly announced that it would invest more than INR 500 crore to construct a new manufacturing plant in Tirupati, Andhra Pradesh.
As per trusted sources, Voltas stated in a Bombay Stock Exchange filing that it intends to manufacture technologically-advanced products which are anticipated to be made available from the second half of the year 2020. The filing further noted that the new manufacturing plant will produce and assemble air conditioners and related cooling equipment with a total capacity of over 1 million units in the initial phase.
The firm further aims to invest more than INR 500 crore while putting together an original equipment manufacturer (OEM) base for home appliances and would concurrently create local job opportunities in the region, as per reported by The Economic Times.
Reportedly, the said location offers dual benefits of cost-effective connectivity via road and port and superior market access. The company would cater to the east, west, and south markets through this new production facility which will be one of the first cooling appliances facilities in the state of Andhra Pradesh.
Managing Director and Chief Executive Officer of Voltas, Pradeep Bakshi was reportedly quoted saying that the company is happy to have laid the ground for the new production facility in Tirupati. Bakshi further added that the new facility would assist Voltas in expanding its manufacturing abilities, in addition to increasing its reach in the Southern market.
For the record, Voltas is regarded as one of the top ten firms in the Tata conglomerate. The firm is a leading provider of air conditioning and engineering solutions.