Elista signs MoU with Andhra government to set up manufacturing plant

economictimes.indiatimes.com:

Elista has signed an MoU with the Government of Andhra Pradesh to invest Rs 100 crore in setting up its second manufacturing plant in Andhra Pradesh. Elista recently announced setting up a modern 1.32 lakh sq ft facility in Andhra Pradesh with an investment of Rs 250 crore in March 2023. This will be the second consecutive plant from Elista in the state.

Scheduled to be operational in Dec 2024, the new manufacturing plant marks Elista's foray into smartwatch segment, diversifying its product portfolio and responding to the increasing demand for wearable technology. The company is planning to generate Rs 50 crore in revenue from this category by the next financial year. This plant will have a production capacity of 10 lakh smartwatches and 2 lakh speakers and will generate an employment opportunity for around 500 people.

“We are confident that the conducive policies, robust infrastructure, and progressive ecosystem in the state will help us not only create technologically advanced products but also strengthen the overall manufacturing ecosystem in the country,” said Saket Gaurav, Chairman and Managing Director of Elista. The first plant will focus on manufacturing TVs and LED Monitors and the new plant will boost in-house manufacturing of audio speakers, smartwatches, and other large appliances. Elista recently entered the UAE & CIS markets and is mulling an entry into other key markets in the MEA region by next year.