Midea Group Vice-President Andy Gu
In line with Prime Minister Narendra Modi’s Make in India vision, Chinese consumer appliances giant Midea Group plans to invest Rs 800 crore to set up a manufacturing facility in the country. The unit, spread over 43 acres in Pune, will make a plethora of home appliances products such as refrigerators, washing machines and water appliance items. The facility will be operational by the end of 2018 and is expected to generate 500 jobs in India over the next five years. It will have a dedicated R&D centre which will design and develop these products in the country.
“The products manufactured at the plant will cater to Midea Group’s operations in India as well as in other countries. The facility will also evaluate export [options] for the Midea Group to other distribution locations,” said Andy Gu, vice president, Midea Group, while addressing the media in Delhi. “We are extremely happy to begin work for expanding our base in India. India is a key market in our global growth strategy and will be an important manufacturing hub in the future.”
The plant will have the capacity to manufacture as many as 5 lakh refrigerators, 6 lakh washing machines and 10 lakh water appliances products.
Midea has been present in India for the last three years through a joint venture with air-conditioner maker Carrier wherein it manufactures and distributes air-conditioning systems in the country. Globally, it clocked a sales revenue of about $24 billion in 2016 and plans to touch $30 billion this year, said Andy Gu.
Founded in 1968 in Guangdong, China, Midea has now established a global platform of more than 200 subsidiaries, over 60 overseas branches.