Elista To Invest Rs 250 Crore To Set Up New Facility In Andhra Pradesh

Updated on: 21 March 2023 10:07 pm

The T-Hub team participated in a two-day business conclave hosted by the Chandragupt Institute of Management Patna (CIMP) and attended events like face-to-face interaction session with students, an entrepreneur session with incubated start-ups at B-hub, a management session with faculty and staff members at CIMP and CMP BIIF, and an official MoU signing ceremony

T-Hub Signs MoU With CIMP BIIF, To Boost Bihar's Entrepreneurial Ecosystem Photo: The T-Hub team participated in a two-day business conclave hosted by the Chandragupt Institute of Management Patna (CIMP) and attended events like face-to-face interaction session with students, an entrepreneur session with incubated start-ups at B-hub, a management session with faculty and staff members at CIMP and CMP BIIF, and an official MoU signing ceremony

Electronics maker Elista India will invest Rs 250 crore to set up a manufacturing plant in Kadapa, Andhra Pradesh, in five years, which will help the company meet the domestic and export markets' demand, Chairman and Managing Director Saket Gaurav said.

The investment for the new plant would be funded equally from equities and debts, as the company is in talks with some financial institutions, said Gaurav.

"We plan to put our investment in a phased manner. Initially, we will be investing around Rs 50 crore, which will produce almost one million units of smart TVs and monitors," he said, adding, "in five years, we will invest almost Rs 250 crore in this facility."

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The company has plans to get into the production of home appliances like refrigerators, washing machines and dishwashers from this facility, said Gaurav, adding that it would create around 500 jobs.

"The revenue which we can generate out of this plant would be close to Rs 1,500 crore (when fully completed), combined from domestic and exports," he added.

When asked about the current turnover of the company, Gaurav said in the current fiscal it expects around 8-10 per cent growth and closes the financial year with a revenue of around Rs 200 crore.

The company has recently forayed into the UAE market, where it has launched its products and has ambitions to spread to other geographies as well.

According to Gaurav, the domestic market would have measured growth opportunities but the export market has tremendous potential as several companies are diverting their manufacturing order from China to India.

Now India is being looked at as a major manufacturing destination, he added.

"We also look forward to catering for the domestic market, which has very defined growth and at the same time, want to focus on growth on the export market," he said.

The company expects a 60 per cent contribution to the total projected revenue from its Andhra plant to come from the export market.

Founded in 2020, Elista is part of the UAE-based TeknoDome Group. Its product portfolio comprises appliances such as LED televisions, washing machines, coolers, dishwashers, refrigerators, IT accessories, mobile accessories, and speakers.