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.

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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."

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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.