Anchor Electricals to invest 250 crores in Andhra Pradesh for an electrical construction material and appliances manufacturing facility
Anchor Electricals, a wholly-owned subsidiary of Japan’s Panasonic Corporation, and one of the most well-known electrical brands in India has today signed a Memoramdum of Understanding MoU with the Andhra Pradesh Economic Development Board (APEDB) to establish an Electrical Construction Material and Appliances Manufacturing facility in a new 30-acre factory in Sri City, Andhra Pradesh.
This MoU was signed and exchanged between Mr. Dinesh Aggarwal, Joint Managing Director, Anchor Electricals and Mr. J Krishna Kishore, Chief Executive Officer, Andhra Pradesh Economic Development Board in the presence of Shri N. Chandrababu Naidu, Hon'ble Chief Minister of Andhra Pradesh.
Anchor Electricals Private Limited is a 55 years old organization engaged inter alia in the manufacturing of electrical construction materials and LED lighting products in addition to selling Panasonic and Anchor solar modules and offering EPC services.
Anchor’s experience, skill set, and understanding of the Indian market is unmatched in the ﬁeld of electrical products since 1963. With a constantly expanding product range and growing market share, Anchor is one of the largest domestic manufacturers of electrical construction materials.
Panasonic’s acquisition of Anchor in 2007 resulted in products that cater to better energy generation, management and conservation. With Panasonic's cutting-edge technology and Anchor’s vast customer support network, Anchor by Panasonic today delivers a seamless and vast range of innovative electrical, lighting and ventilation products that exceed global standards.
It has 7 manufacturing units located in North and West regions of India and now wishes to set up a manufacturing facility in the South India. Anchor Electricals is planning to expand its operations in the South by investing in an Electrical Construction Material and Appliances Manufacturing Facility in the State of Andhra Pradesh with an initial investment of Rs. 250 crore and a phase wise investment of Rs. 600 crore by 2025.
Commenting on the MoU, Mr. Dinesh Aggarwal, Joint Managing Director, Anchor Electricals said that, "South region is the largest market for Anchor and Panasonic brands of Electrical products, including Lighting. We want to strengthen our position further by bringing product design and manufacturing closer to our customer. This we believe will help us respond more efficiently and effectively to the market need.
We decided on locating our factory in AP state due to their investment friendly policies and a very warm approach of the developer and of the government. The quality of infrastructure, availability of resources, peaceful industrial climate and the strong presence of many Japanese manufacturers are the other factors in support of our decision". Mr. Aggarwal added.
The APEDB, formed under the Chairmanship of Honourable Chief Minster Mr. N Chandrababu Naidu, promotes sustainable growth through trade, investments, partnerships and collaboration.
Mr. J. Krishna Kishore, Chief Executive Officer, Andhra Pradesh Economic Development Board observed that "Andhra Pradesh commands 30% of India’s electronics and Electrical equipment industry and is poised to reach a market share of 50% by 2020. The state’s cluster-based approach for industrial development, supported by a strong focus on innovation and scalable partnerships in a robust investment climate makes Andhra Pradesh a preferred destination for manufacturing. The state of Andhra Pradesh will provide the conducive ecosystem, enabling Anchor Electricals to find synergies and create employment in this fast growing industry."
CEO, APEDB also noted that Japan is a close partner for Andhra Pradesh and the Andhra Pradesh Economic Development Board has been building resilient and sustainable partnerships with Japan and this MoU stands as a testimony to the strengthening relations between Government of Andhra Pradesh and Japan.
After clearly becoming an electronics manufacturing leader among all states in India and attracting multitude of Marquee Global Investments in Mobile manufacturing including FOXCONN and Xiaomi, the state of Andhra Pradesh is now aggressively developing clusters and attracting investments across electronics subs sectors such as Consumer Electronics, already having firms like TCL and Anchor Electricals investing in the state. A few other sub-sectors in electronics that are rapidly developing include the Solar Cell Manufacturing, Medical Device Manufacturing and Automotive Electronics.