Chinese electrical appliance manufacturer Guangdong Meizhi Compressor Company is reportedly constructing its first manufacturing plant for compressors in India. As per trusted sources, the new facility would be built at the Technology Park at Supa Parner in Maharashtra.
Reportedly, Guangdong Meizhi Compressor Company is a Midea Group company with a global market share of about 34 percent. Managing Director of Midea Group (India region) and Carrier Media India, Krishan Sachdev was reportedly quoted stating that GMCC chose India owing to its belief in the potential of the nation’s market.
The investment would not only enhance the firm’s standing but would also boost ‘Make In India’ program and will assist other firms having a local source of compressors, Sachdev added. The facility would cater to a very important portion of the entire air conditioning market in India, Sachdev further noted.
Sources familiar with the development claim that Midea Group has further allotted around INR 1,350 crore to invest at the Technology Park at Supa Parner in Maharashtra over the next five years of timespan.
The company plans to manufacture compressors, HVAC, and home appliances at the Technology Park which is likely to commence operations by 2020 and is anticipated to generate more than 2,000 direct and indirect job opportunities, cite reliable reports. The production capacity of the new plant would reportedly be around 45 lakh products once it is fully completed and functioning at its peak.
Vice President at Midea Group Eric Wang reportedly stated that India is the biggest strategic growth market for the company owing to the nation’s increasing purchasing power.
Reportedly, there are a very few compressor production facilities across the globe as it is a high-grade technological product which requires huge investment for manufacturing. The compressor manufacturing business is a highly concentrated industry which is also very capital intensive, cite sources.