Elista, an electronics manufacturer announced that it planned to invest Rs 1 billion in Andhra Pradesh. The investment is intended to establish a manufacturing facility for Smart LED TVs, smartwatches, audio speakers, and large appliances.
Elista has entered into a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh to construct its second manufacturing plant in the state.
In March 2023, Elista had previously declared its intention to build a 1.32 lakh square feet facility in Andhra Pradesh, with an investment of Rs 2.5 billion.
The second plant, which is expected to become operational in December 2024, would enable Elista to enter the smartwatch market.
As per the company, "The firm aims to generate Rs 500 million in revenue from this product category by the next fiscal year. The state-of-the-art plant will have a production capacity of 10 lakh smartwatches and 2 lakh speakers, creating employment opportunities for approximately 500 individuals."
Saket Gaurav, Chairman and Managing Director, stated, "By expanding into the smartwatch segment, Elista aims to provide consumers with a comprehensive solution."
The initial manufacturing facility will concentrate on producing TVs and LED monitors, while the newly established plant will focus on audio equipment, smartwatches, and other large appliances.
Elista, a member of the UAE-based TeknoDome Group, was established in 2020. Its product range includes appliances such as LED televisions, washing machines, coolers, dishwashers, refrigerators, IT accessories, mobile accessories, and speakers.
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