Mitsubishi Electric Corporation told the media that it would invest about Rs 220 crore in its Indian subsidiary to develop a new factory near Pune in Maharashtra. Its subsidiary Mitsubishi Electric India will produce inverters and other factory automation (FA) control system products. The factory is anticipated to begin operations in December 2023 and would expand the company's capabilities to satisfy the growing demand in India. The rapidly expanding Indian market is growing at an annual rate of about 8% specifically in industries such as pharmaceuticals, automobiles, food & beverage, data centres, and textiles, with further market growth expected in the future, it said. The new two-floor, 15,400 square-metre factories will be constructed on 40,000 sq m of land around Pune. It will help in expanding Mitsubishi Electric's production capabilities to fulfil local demand for products, and also contribute to the Make in India initiative encouraged by the Indian government, the company said. In addition, the facility will include various features seeking to attain carbon neutrality by decreasing carbon dioxide emissions by using highly efficient air conditioning systems and LED lighting tools. It will also satisfy sustainable development goals (SDGs) by reusing wastewater via underground filtration treatment and greening. Mitsubishi Electric India is in the business of development, manufacture, sales, and after-sales service of FA control system products, sales, and after-sales services for air conditioners, and semiconductors; manufacture, electrical products sales, and after-sales service for railway vehicles. Mitsubishi Electric Corporation, headquartered in Tokyo, is a world leader in electrical and electronic equipment utilised in information processing and communications, consumer electronics, industrial technology, transportation, space development and satellite communications, energy, and building equipment. The company had registered a revenue of $ 36.7 billion in the FY ended March 2022. Image Source Also read: Maruti, Hero, Tata Motors among 75 firms to qualify for PLI scheme