Midea Group to invest Rs 800 crore to set up appliances manufacturing plant in Pune

Chinese appliance manufacturer, Midea has announced its plan to invest Rs 800 crore to set up a manufacturing facility in Pune.

Spread over 43 acres, the plant is expected to become operational by 2018 end. The investment will be made over a period of five years. This will also be one of the biggest investments to be made by Midea Group outside China.

The unit will have a production line for appliances such as refrigerators, washing machines and water appliance products.

Andy Gu, Vice-President, Midea Group, "India is a key market in our global growth strategy and will be an important manufacturing hub in future."

He added, "Our investment is an example of Midea's belief in the Indian market and reiterates our commitment to Make in India."

The company has been investing in its Indian operations since 2013.

The new facility will also provide export opportunity to the company, besides meeting domestic demand. It will have capacity to manufacture 5 lakh refrigerators, 6 lakh washing machines and 10 lakh water appliances.

Midea group's part and component divisions GMCC and Welling will be setting up a manufacturing unit for compressors and motors for appliances.