Midea will manufacture commercial and residential air conditioners, washing machines, refrigerators, compressors and other electronic items, at the manufacturing unit
Midea Group, China-based consumer appliances manufacturer, said that the company will be investing Rs 1,350 crore to set up a technology park in Ahmednagar district in the state of Maharashtra. The company will do the investment over the next five years. The technology park will be located in the Maharashtra Industrial Development Corporation (MIDC) area of the district.
More than half of the investment will be done by the company within first year of commencing operations at the facility. The company is expecting commercial operations to begin by April 2020. The plant would provide employment – directly and indirectly, to over 2,000 people over the next five years.
Manufacturing unit capacity
The foundation for manufacturing unit, spread across 68-acre, was laid by Maharashtra Chief Minister Devendra Fadnavis. Midea will manufacture commercial and residential air conditioners, washing machines, refrigerators, compressors and other electronic items, at the manufacturing unit.
The manufacturing unit will have the capacity to manufacture between 2.5 lakh and 15 lakh units of different products per annum. On the other hand, the unit will manufacture 45 lakh compressors in a year, said the company.
In addition, the technology park will have a manufacturing unit for Carrier Midea India, a joint venture (JV) between Midea Group and American appliances manufacturer Carrier Corp. In India, the company came into a joint venture with Carrier in 2012.
Incentives from government
The company has got incentives from Maharashtra state government and the central government, a leading daily reported quoting Krishan Sachdev, MD (India region), Carrier Midea India and Midea Group.
Sachdev further stated that the company received incentives in the form of waivers on taxes and duties for buying electricity and lower stamp duty for buying land, among others.
Seven vendors of the company have committed to invest in the region, he informed.
