Anchor Electricals, a leading electrical product company, has signed up with Andhra Pradesh for setting up of a new manufacturing facility in Sri City.
The company plans to invest Rs. 600 crore in the new Andhra Pradesh facility over next few years up to 2025, and, of this, Rs. 250 crore is likely to be invested in the first phase.
At a meeting hosted in the upcoming greenfield capital city of Amaravati in Andhra Pradesh on Thursday, the company outlined its investment plans to set up an electrical construction material and appliances manufacturing facility.
The company, which is a wholly-owned subsidiary of Japan's Panasonic Corporation, has signed a memorandum of understanding with the Andhra Pradesh Economic Development Board to establish the facility in a new 30-acre factory in Sri City.
The MoU was signed between Anchor Electricals Joint MD Dinesh Aggarwal and APEDB CEO J Krishna Kishore.
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