January 10, 2019: Anchor Electrical Private Limited today signed MoU with Andhra Pradesh Economic Development Board to support the infrastructure and industrial development in Andhra Pradesh.
Anchor Electricals will invest approximately 250 Crore initially and 600 Crore by the year 2025. This investment is expected to initially generate 520 direct Jobs and 1100 direct jobs in the state of Andhra Pradesh by the year 2025.
As per the MoU, Anchor Electricals has committed to support Andhra Pradesh with investment, technology, planning, design, and equipment to set up an electrical construction material and appliances manufacturing project in the state of Andhra Pradesh. In return, Andhra Pradesh Economic Development Board will provide necessary assistance to Anchor Electricals to necessary permissions/ registrations/ approvals/clearances/land acquisition etc.
Commenting on the agreement Mr. Dinesh Aggarwal, Jt MD – Anchor Electricals said “Over the years Andhra Pradesh has seen a paradigm shift in its industrial culture. With businesses and industries foraying into its economic landscape and the Government of Andhra Pradesh supporting our initiative, we feel that this is the opportune time to penetrate this market. This venture will generate a multitude of jobs thereby playing an instrumental role in enhancing the economic standing of the locale.”
The Sri City plant will be built over 33 acres of land in Chittoor, Andhra Pradesh.