Anchor Electricals Thursday said it plans to invest Rs 600 crore by 2025 to set up an electrical construction material and appliances manufacturing facility in Andhra Pradesh.
The company, a wholly-owned subsidiary of Japan's Panasonic Corporation, has signed an MoU with Andhra Pradesh Economic Development Board (APEDB) to establish the facility in a new 30-acre factory in Sri City, Anchor Electricals said in a statement.
The company plans to make a phased investment of Rs 600 crore by 2025, with an initial investment of Rs 250 crore, to set up the facility, it said.
Anchor has 7 manufacturing units in North and West regions of India.
The MoU was signed between Anchor Electricals Joint MD Dinesh Aggarwal and APEDB CEO J Krishna Kishore in the presence of Andhra Pradesh Chief Minister N Chandrababu Naidu and Singapore Minister for Communication and Information S Iswaran.