Elista, a UAE-based brand specializing in home appliances, IT, and mobile accessories, has made a significant stride by signing a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh. The ceremony took place in the presence of Shri Y. S. Jagan Mohan Reddy, Hon’ble Chief Minister of Andhra Pradesh.
The MoU entails an investment of Rs. 100 crore by Elista to establish its second manufacturing plant in the state, solidifying its commitment to Atmanirbhar Bharat. The company had previously announced the setting up of a cutting-edge facility spanning 1.32 lakh sq ft in Andhra Pradesh, with an investment of Rs 250 crore, in March 2023.
This additional plant, slated to be operational by December 2024, marks Elista’s entry into the smartwatch segment, diversifying its product portfolio to meet the rising demand for wearable technology.
The plant will have a production capacity of 10 lakh smartwatches and 2 lakh speakers, generating employment opportunities for around 500 individuals.
Elista’s collaboration with the Andhra Pradesh Government reflects its dedication to manufacturing excellence, job creation, and the overall development of the Indian economy.
The first manufacturing plant will focus on producing TVs and LED monitors, while the second plant will bolster in-house manufacturing of audio speakers, smartwatches, and other large appliances.
With an anticipated revenue of Rs 1,500 crore by 2025 from both Indian and international operations, the company aims for a 20% YoY growth in line with its expansion plans.
Regarding the matter, Saket Gaurav, Chairman and Managing Director of Elista said,
We are thankful to the Government of Andhra Pradesh for its unwavering support and trust they have shown in our capabilities. We are happy that this new plant will create job opportunities for the local population and play a role in our vision of ‘Making in India for the World’ .
We are confident that the conducive policies, robust infrastructure, and progressive ecosystem in the state will help us not only create technologically advanced products but also strengthen the overall manufacturing ecosystem in the country. The expansion into the smartwatches category will help Elista become a one-stop solution for consumers.