Chinese Midea group, the $35 billion global consumer appliances conglomerate, listed on the Shenzhen, China stock exchange, is setting up a technology park in India with an investment of Rs 1,350 crore to manufacture home appliances, air conditioners and compressors.
The Fortune 500 Company has acquired 68-acre campus at Supa Parner industrial zone near Pune. Its three factories creating over 2,000 jobs would start commercial operation by early 2020.
“We are happy to start work on new facility in India and this new technology park will create leading products for the growing Indian market,” Eric Wang, V-P, at Midea group, said.
He said the greenfield facility is a testament to our commitment to the Indian market. Midea has committed to invest Rs 1,350 crore over five years for the new technology park, he said.
“The technology park will house three factories for home appliances, heating, ventilation, and air conditioning (HVAC) products and compressors,” Wang explained. He said all three facilities would go onstream by early 2020.
Krishan Sachdev, MD at Carrier Midea India and Midea Group, India region, said the new technology park would also have an ancillary park, with its own investments, to supply components to Midea’s 3 factories.
“The technology park will make a range of products from residential and commercial AC, refrigerators, washing machines, water purifiers, water heaters and compressors for the growing Indian market,” he said.
Sachdev said this was the group’s second manufacturing facility in the country. He said the Chinese company first entered India in 2012 and set up Carrier Midea India, a 40:60 per cent joint venture at Bawal in Haryana to produce a range of residential and commercial air conditioners. The JV, which has invested $33 million in the factory, produces 7 lakh ACs annually. Carrier is an US specialist in heating, air-conditioning and refrigeration.
“Our company is profitable,” Sachdev said, declining to provide last year’s sales turnover of Carrier Midea India.