Voltas has begun work on its new air conditioner manufacturing plant in Tamil Nadu and the units made at the facility will help in meeting the growing demand for ACs in the country, the consumer durables major has said.
Chairman Noel Tata, managing director & CEO Pradeep Bakshi and other senior officials performed the Bhoomi Pujan at Madharapakkam in the Tiruvallur district in the early hours of May 24, the release said.
“This new facility will play a significant role in augmenting our capacity in catering to the growing consumer demand across India, and will help expand our presence and footprint, especially in South India,” Bakshi said.
Also Read: Voltas Consolidated March 2023 Net Sales at Rs 2,956.80 crore, up 10.88% Y-o-Y
The company plans to invest over Rs 500 crore on the facility, which is spread over 150 acre. The facility will initially manufacture room air conditioners and is an extension to the unit in Pantnagar.
Also Read: Will early onset of summer help Voltas? Goldman Sachs, Jefferies have opposing views
This Tamil Nadu facility is expected to be operational this fiscal and the company said it will create approximately 1,500 jobs.
On May 25, Voltas closed at Rs 812.90 on the National Stock Exchange, 1.18 percent higher from the previous day.
Also Read: Voltas misses Q4 estimates with net profit down 21% on shrinking market share
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