Mitsubishi Electric will invest Rs 220 cr to set up a factory in Maharashtra


Mitsubishi Electric Corporation announced on Tuesday that it will invest around Rs 220 crore (3.1 billion yen) in its Indian subsidiary to set up a new plant in Maharashtra.

The new plant will be installed near Pune in Maharashtra. Its subsidiary Mitsubishi Electric India will manufacture inverters and other factory automation (FA) control system products, a statement from the Japanese electrical and electronics maker said.

The factory is expected to start operations in December 2023 and would expand the company’s capabilities to meet growing demand in India, he added.

“The rapidly growing Indian market is growing at an annual rate of around 8%, mainly in sectors such as automotive, food and beverage, pharmaceuticals, data centers and textiles, with a further market expansion expected in the future,” he said.

The new 15,400 square meter two-storey plant will be built on a 40,000 square meter land near Pune.

“…(he) will help expand Mitsubishi Electric’s production capacities to meet local product demand, and will also contribute to the Make in India initiative promoted by the Indian government,” the statement said.

In addition, the facility will incorporate various features aimed at achieving carbon neutrality by reducing carbon dioxide emissions through the use of highly efficient air conditioning systems and LED lighting equipment.

It will also meet the Sustainable Development Goals (SDGs) by reusing wastewater through underground filtration treatment and greening.

Mitsubishi Electric India is engaged in “the development, manufacture, sales and after-sales service of AM control system products, sales and after-sales service for air conditioners, semiconductors; the manufacture, sale and after-sales service of electrical products for railways Vehicles.

Tokyo-based Mitsubishi Electric Corporation is a global leader in electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy , transport and construction equipment.

The company had recorded revenue of 4,476.7 billion yen ($36.7 billion) in the fiscal year ending March 2022.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor

Source link


About Author

Comments are closed.