New Delhi, 14th July 2023 Elista, India’s leading Brand of electronics, home appliances, IT & mobile accessories products, has signed an MoU with the Government of Andhra Pradesh in the presence of Shri Y. S. Jagan Mohan Reddy, Hon’ble Chief Minister of Andhra Pradesh. Under this MoU, 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.
Scheduled to be operational in Dec 2024, the new manufacturing plant marks Elista’s foray into 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 & 2 lakh Speakers and will generate an employment opportunity for around 500 people.
Mr. 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’ . We are confident that the conducive policies, robust infrastructure, and progressive ecosystem in the state will help us not only create technologically advanced products but also strengthen the overall manufacturing ecosystem in the country. The expansion into the smartwatches category will help Elista become a one-stop solution for consumers.”
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.
Elista recently entered the UAE & CIS markets and is mulling an entry into other key markets in the MEA region by next year. The company expects to clock revenue of Rs 1,500 crore by 2025 from both Indian and International operations. Elista is working with a year-on-year growth projection of 20% in line with the expansion plans.