Make in India: China's Midea to invest `800 crore on Pune unit
Midea group, a Fortune 500 company from China, announced their plans of investing Rs 800 crore for setting up a manufacturing facility near Pune on Thursday in the Capital. Dr. Andy Gu, Vice President, Midea Group said that they were confident about India's economy and had a positive outlook towards 'Make in India' campaign.
Happy to expand their base in India, Dr. Gu said, "India is a key market in our global growth strategy and will be an important manufacturing hub in the future. Our investment is an example of Midea's belief in the Indian market and reiterates our commitment to 'Make in India'. The new home appliances manufacturing plant will enable us to offer 'Designed in India' products solution to our valued customers."
The new facility is expected to produce 500 jobs over a period of five years and is expected to start commercial operations by the end of 2018. Talking of changing the general perception about Chinese products not being good, Dr. Andy Gu said, "It is for this reason we want to demonstrate our products, that every Chinese brand does not produce lousy products. We understand that there's a perception in the market that China produces lousy products but that's not necessary. We are a global company, we just happen to be from China, but we are providing world class facilities and products. We feel very confident of our products, and hope they will be well received by Indians."
Midea is one of the leading global brands in consumer appliances, they offer diverse products starting from kitchen appliances, to robotics and industrial automation. The sales value of Midea was near $24 billion in 2016 and this year they are expecting to reach $30 billion as per Dr. Andy Gu.