Voltas Ltd., a Tata Group company, will invest over ?500 crore in a new manufacturing facility at Renigunta near Tirupati to manufacture and assemble air conditioners and related cooling products, with an initial capacity of over one million units. With a 24% market share, the company aims to create technologically advanced products that are expected to start rolling out from the second half of 2020. It will put together an OEM base for home appliances, and simultaneously create local employment opportunities in the region.
The manufacturing facility will be one of the first cooling appliances units in Andhra Pradesh, which was chosen due to the State’s ease of doing business and growing focus on Make in India. The location provides dual benefits of superior market access and cost effective connectivity via road and port, says a company press release issued on February 10.
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