LGEIL to set up 3rd India plant in Sri City in AP at investment of $600M
Sri City
HYDERABAD: Korean electronics chaebol
LG Electronics India Ltd
(LGEIL) is setting up its third
manufacturing facility
in India at
Sri City
in
Andhra Pradesh
at an investment of US$600 million (Rs 5000 crore approx.) over a period of four years.
The facility, which is coming up on a 247-acre parcel of land, will manufacture a diverse range of products, including AC compressors, refrigerators, washing machines and air conditioners.
The upcoming plant is expected to commence operations by the end of 2026 and will create about 1495 direct jobs, LGEIL said on Thursday.
The company said the new facility will create an ecosystem for
white goods manufacturing
in AP by bringing ancillaries to the region and underscores India's potential as a critical hub within LG Electronics' global supply chain. LGEIL already has plants in Greater Noida, Uttar Pradesh and Pune in Maharashtra.
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The new plant will boost LGEIL's production capacity, further localising production and helping the company meet the growing demand for its products throughout India. It will also strengthen LGEIL's supply chain in South India, while helping expedite access to LG products for consumers in the region, the company said.
The construction of the plant was flagged off by AP's IT, governance and HRD minister Nara Lokesh along with LG Home Appliance Solution Company president Lyu Jae-Cheol, LG Eco Solution Company president James Lee and LGEIL managing director Hong Ju Jeon at Sri City on Thursday.
by Taboola
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In a statement, AP chief minister N Chandrababu Naidu said the announcement of a new manufacturing plant is a testament to AP's progressive and industry friendly policies, ease-of-doing-business, environment that fosters innovation and being home to world-class manufacturing hubs.
'A well-developed industrial ecosystem, great connectivity and pro-business environment makes Sri City the best location for the new plant.'
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