Voltas Limited - a Tata Group enterprise, the undisputed market leader for residential air-conditioners in India, with more than 24% market share, has today announced its intention to start construction of their new manufacturing facility, spread over 65 acres, in Tirupati. This facility will initially manufacture and assemble air conditioners and related cooling products with a total capacity of more than 1 Million units to start with.
Continuing its thrust on Research and Development, Voltas aims to create technologically advanced products which are expected to start rolling out from the second half of 2020. The Company plans to invest over Rs. 500 Crores while putting together an OEM base for home appliances, and simultaneously creating local employment opportunities in the region.
This manufacturing facility will be one of the first cooling appliances unit in the State of Andhra Pradesh. The choice of Andhra Pradesh as the destination for the new manufacturing unit was due to the State's 'ease of doing business', and growing focus on 'Make in India'. The chosen location provides dual benefits of superior market access and cost effective connectivity via road and port. Voltas, known for its strong countrywide presence and penetrated sales & distribution network, will cater to the South, West and East markets through this manufacturing facility.
Speaking on the occasion, Mr. Pradeep Bakshi, Managing Director & CEO, Voltas Limited, said, "We are delighted to have laid the ground for the Voltas manufacturing plant here in Tirupati. We are thankful to the Government of Andhra Pradesh, and APIIC officials for all the support extended.
As an undisputed market leader, we have always kept the customer at the core of all our decision making. This facility helps us in expanding our manufacturing capabilities while increasing our reach in the Southern market. As a Tata Group company, we have always focussed on creating delightful experiences for our customers and shall continue to serve them even better through this plant."
Shares of VOLTAS LTD. was last trading in BSE at Rs.533 as compared to the previous close of Rs. 537.7. The total number of shares traded during the day was 24199 in over 458 trades.
The stock hit an intraday high of Rs. 540.55 and intraday low of 531. The net turnover during the day was Rs. 12962986.