Monday, September 30, 2013:India seems to be gaining the status of a lucrative destination of global electrical and electronic companies. In the latest development, Japanese electronics and electrical equipment manufacturer, Mitsubishi Electric has revealed its plans to invest in the country. The Japanese company is set to invest Rs 3000 million by the year 2016. A senior company official told Business Line that the investment would be for equity infusion and capital expenditure.
Out of the total investment, a sum of Rs 800 million would be invested in Chennai, where the company would manufacture elevators and another Rs 1000 million would be invested for making air-conditioning equipment. The report says that the site for the air-conditioning unit would be in North India, but it is undecided so far. Mitsubishi Electric has a global turnover of $45 billion.
The company enjoys presence in the verticals such as semiconductors, commercial satellites and power plant equipment. It is present in India since 2005, and could achieve revenues of Rs 32,000 million in the last fiscal.
