Elista, an electronics, home appliances, IT & mobile accessories firm, has signed a memorandum of understanding (MoU) with the Andhra Pradesh government in the presence of Chief Minister Y S Jagan Mohan Reddy. Under this pact, Elista will invest Rs 100 crore in setting up its second manufacturing plant in Andhra Pradesh.
“Elista recently announced setting up a modern 1.32 lakh sq ft facility in Andhra Pradesh with an investment of Rs 250 crore in March 2023. This will be the second consecutive plant from Elista in the state, in addition to the investment announced earlier, reaffirming its commitment to Atmanirbhar Bharat,” Elista said in a statement.
Scheduled to be operational in December 2024, the new manufacturing plant marks Elista’s foray into the smartwatch segment, diversifying its product portfolio and responding to the increasing demand for wearable technology.
The company is planning to generate Rs 50 crore in revenue from this category by the next financial year. This state-of-the-art plant will have a production capacity of 10 lakh smartwatches and 2 lakh speakers and will generate an employment opportunity for around 500 people.
Saket Gaurav, chairman and managing director of Elista, said, “We are thankful to the Government of Andhra Pradesh for its unwavering support and trust they have shown in our capabilities. We are happy that this new plant will create job opportunities for the local population and play a role in our vision of ‘Making in India for the World’.”
The first plant will focus on manufacturing TVs and LED monitors and the new plant will boost in-house manufacturing of audio speakers, smartwatches, and other large appliances. Together, Elista’s collaboration with the Government of Andhra Pradesh marks a significant milestone in the company’s journey, reinforcing its commitment to manufacturing excellence, job creation, and the development of the Indian economy.
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