Noida: Chinese consumer durables maker Haier Friday signed an MoU with the Uttar Pradesh government for a 123-acre land parcel to set up its Rs 3,069-crore industrial park at Greater Noida in Uttar Pradesh.
The new facility would help the company expand its market share and reach in India, a top company official said.
The company would invest the entire amount over the next four years in two phases and the production would start by mid of 2020 from this proposed unit.
"Total investment in this project would be Rs 3,069 crore. This would be spread over four years in two phases and generate a direct employment of 4,000 persons," Haier India President Eric Braganza told PTI.
"This would be the largest industrial park in our industry (consumer durables)," he claimed.
The new plant would have the capacity to produce two million units of refrigerators, one million units of LED TVs, one million units of washing machines and airconditioners in a year when fully completed.
Haier in November last year added additional capacity at its plant at Ranjangaon in Pune built with an investment of Rs 600 crore.
"This would support our expected growth in the country... We are seeing pressure on supply because of growing demand. That's why we are starting this new unit," Braganza added. Pune has the capacity to roll out 1.8 million units of refrigerators, 0.5 million units of LED TVs, washing machines and air conditioners.
Earlier, in September Haier India had said that it is eyeing 30 per cent increase in sales this year on the back of higher demand during the festive season.
The company, which reported sales of Rs 1,700 crore last fiscal, has set a target to become one of India's top three brands by 2018 and increase its revenue to USD 1 billion by 2020. (PTI).