Midea will invest over US$120 million to set up a manufacturing facility in Pune, India. The unit will have a production line for refrigerators, washing machines and water appliance products. The facility will employ 500 people and be operational by the end of 2018.
India is a key market in our global growth strategy and will be an important manufacturing hub in future, Dr. Andy Gu, Midea Group vice-president, said.
He added: “Our investment is an example of Midea’s belief in the Indian market and reiterates our commitment to Make in India.”
On being asked how the company would establish itself in the highly competitive segment, Dr. Gu said: “The Indian market has huge space for growth as the penetration level in India is very low in appliance segment and we are confident.”
Midea will also explore export opportunities from the base. “When we set up a factory, we also look into possibility of export business,” he added.
