Electronical major Anchor to Invest Rs 250-cr in Andhra Pradesh for electrical material, appliance manufacturing
This MoU was signed and exchanged on January 10 between Dinesh Aggarwal, Joint Managing Director, Anchor Electricals and J Krishna Kishore, Chief Executive Officer, Andhra Pradesh Economic Development Board in the presence of N Chandrababu Naidu, Chief Minister of Andhra Pradesh and S Iswaran, Minister for Communication and Information, Government of Singapore.
In a bid to increase traction in the Andhra Pradesh's electronics and Electrical equipment industry that constitutes near 30 per cent of net Indian business, Anchor Electronicals have decided to invest Rs 250 crore at their new unit in the state. The company signed an MoU with the Andhra Pradesh Economic Development Board (APEDB) to establish an Electrical Construction Material and Appliances Manufacturing facility in a new 30-acre factory in Sri City, Andhra Pradesh.
This MoU was signed and exchanged on January 10 between Dinesh Aggarwal, Joint Managing Director, Anchor Electricals and J Krishna Kishore, Chief Executive Officer, Andhra Pradesh Economic Development Board in the presence of N Chandrababu Naidu, Chief Minister of Andhra Pradesh and S Iswaran, Minister for Communication and Information, Government of Singapore.
Commenting on the MoU, Dinesh Aggarwal, Joint Managing Director, Anchor Electricals said told Zee Business online in a written statement, "South region is the largest market for Anchor and Panasonic brands of electrical products, including lighting. We want to strengthen our position further by bringing product design and manufacturing closer to our customer.
This we believe will help us respond more efficiently and effectively to the market need. We decided on locating our factory in AP state due to their investment friendly policies and a very warm approach of the developer and of the government. The quality of infrastructure, availability of resources, peaceful industrial climate and the strong presence of many Japanese manufacturers are the other factors in support of our decision."
J. Krishna Kishore, Chief Executive Officer, Andhra Pradesh Economic Development Board observed that "Andhra Pradesh commands 30% of India’s electronics and Electrical equipment industry and is poised to reach a market share of 50% by 2020.
The state’s cluster-based approach for industrial development, supported by a strong focus on innovation and scalable partnerships in a robust investment climate makes Andhra Pradesh a preferred destination for manufacturing. The state of Andhra Pradesh will provide the conducive ecosystem, enabling Anchor Electricals to find synergies and create employment in this fast growing industry."
Watch This Zee Business Twitter Video
#FirstOnZB | @TCS के दिसंबर तिमाही के नतीजे रहे अच्छे, देखिए नतीजों के बाद देश की दिग्गज #IT कंपनी #TCS के मैनेजमेंट का सबसे पहला इंटरव्यू स्वाति खंडेलवाल के साथ।
पूरा इंटरव्यू देखिए https://t.co/EUvH9r0KfJ@SwatiKJain @TCS_News #ResultsOnZB @AnilSinghviZEE @ZEECorporate pic.twitter.com/MKr9WoQb70
— Zee Business (@ZeeBusiness) January 11, 2019
Krishna Kishore of the Andhra Pradesh Economic Development Board also noted that Japan is a close partner for Andhra Pradesh and the Andhra Pradesh Economic Development Board has been building resilient and sustainable partnerships with Japan and this MoU stands as a testimony to the strengthening relations between Government of Andhra Pradesh and Japan.
The state has attracted marquee investments like Isuzu Motors, NHK Springs, Kobelco, Nippon, THK, Toray Industries, Mitsui, Mitsubishi, Daiki Aluminum and Lixil.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
IRCTC Dividend 2024: Railway PSU announces 200% interim dividend - Check record date and other details
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
01:47 PM IST