Voltas to invest ₹500 crore to set up plant in Tirupati
NEW DELHI: Tata Group firm Voltas on Sunday said it will invest over ₹500 crore to set up a manufacturing facility in Tirupati, Andhra Pradesh. “This facility will initially manufacture and assemble air conditioners and related cooling products with a total capacity of more than 1 million units to start with,” the company said in a BSE filing. Voltas said it aims to create technologically advanced products which are expected to start rolling out from the second half of 2020. The company plans to invest over ₹500 crore while putting together an original equipment manufacturer (OEM) base for home appliances, and simultaneously creating local employment opportunities in the region. The choice of Andhra Pradesh as the destination for the new manufacturing unit was due to the state’s ease of doing business and growing focus on ‘Make in India’.