Midea Group Announces $190 Million Investment in India for Science and Technology Park
Chinese consumer appliance manufacturer Midea Group announced on Saturday that it will be investing 13.5 billion rupees ($190 million) over the next five years to set up a Science and Technology Park in India.
“India is a strategic growth market and we expect our investments in this market to yield good growth. Considering the potential of the market we have committed over 13.5 billion rupee investment for a new facility,” said Krishan Sachdev, managing director of Midea Group India region.
The Science and Technology Park will be located near Pune, Maharashtra, India. It covers an area of roughly 270,000 square meters and is scheduled to commence operations in April 2020.
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The park is expected to produce 500,000 refrigerators, washing machines, water purifiers, and water heaters respectively, 1.5 million household air conditioners, 250,000 commercial air conditioners, and 4.5 million air conditioner compressors every year. It is also predicted to generate direct and indirect employment opportunities for more than 2,000 people.
Up to now, Midea has more than 35,000 overseas employees and 18 overseas production bases in more than 200 countries. Since 2007, Midea has set up R&D centers in the United States, Japan, Italy, Germany, Singapore, Austria, Israel, and many more.
In the future, Midea also plans to set up an R&D centre to design, test and develop products for the Indian market. India has sparked the interest of many Chinese home appliances giants, and the country is an important growth market for Midea. In 2019, the size of the Indian home appliance market is estimated to reach 700 billion rupees.
Vice President of Midea Group Wang Jianguo commented on the investment saying, “The construction of the project demonstrates our determination to penetrate the Indian market. Midea will bring world-leading technology to Indian consumers and target products to suit the preferences of the Indian domestic market.”