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Published: Monday, July 17, 2023, 17:27 [IST]
Elista, a prominent Indian brand known for its electronics, home appliances, IT, and mobile accessories, has recently signed a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh. The MoU was signed in the presence of Shri Y. S. Jagan Mohan Reddy, the Hon’ble Chief Minister of Andhra Pradesh.
Under this agreement, Elista plans to invest Rs 100 crore to establish its second manufacturing plant in Andhra Pradesh. This move demonstrates Elista’s commitment to the vision of a self-reliant India (Atmanirbhar Bharat).
Expansion Plans and Diversification
Having previously announced the setup of a modern facility covering 1.32 lakh sq ft with an investment of Rs 250 crore in March 2023, Elista is now set to further expand its manufacturing capabilities with the establishment of the second plant in Andhra Pradesh. This upcoming plant, expected to be operational by December 2024, marks Elista’s entry into the smartwatch segment.
By diversifying its product portfolio and addressing the growing demand for wearable technology, Elista aims to generate a revenue of Rs 50 crore from the smartwatch category in the next financial year.
State-of-the-Art Plant and Job Creation
The state-of-the-art manufacturing plant will have a production capacity of 10 lakh Smartwatches and 2 lakh Speakers. It is projected to create employment opportunities for approximately 500 individuals.
Mr. Saket Gaurav, the Chairman and Managing Director of Elista, expressed his gratitude towards the Government of Andhra Pradesh for their continuous support and trust in the company’s capabilities. He highlighted the positive impact the new plant will have on job creation for the local population and emphasized Elista’s vision of “Making in India for the World.”
Favorable Environment in Andhra Pradesh
Mr. Gaurav also acknowledged the favorable policies, robust infrastructure, and progressive ecosystem in Andhra Pradesh that will facilitate the development of technologically advanced products and strengthen the overall manufacturing sector in the country. Elista’s expansion into the smartwatch category aims to position the company as a comprehensive solution provider for consumers.
Manufacturing Excellence and Growth Prospects
While Elista’s first manufacturing plant focuses on TVs and LED Monitors, the establishment of the second plant will enable in-house production of audio speakers, smartwatches, and other major appliances. The collaboration between Elista and the Government of Andhra Pradesh represents a significant milestone for the company, reaffirming its commitment to manufacturing excellence, job creation, and the growth of the Indian economy.
International Expansion Plans
In addition to its domestic operations, Elista has recently entered the UAE and CIS markets. The company is also considering expanding into other key markets in the Middle East and Africa region next year. With these strategic moves, Elista aims to achieve a revenue of Rs 1,500 crore by 2025. The company is working towards a year-on-year growth projection of 20% in line with its expansion plans.
The signing of the MoU with the Andhra Pradesh Government marks an important step for Elista as it solidifies its position in the Indian manufacturing sector and paves the way for continued success and growth.
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published: Monday, July 17, 2023, 17:27 [IST]
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