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Mitsubishi Electric India has signed an agreement with Mahindra Industrial Park Chennai Ltd, a joint venture between Mahindra World City Developers and Japan’s Sumitomo Corporation, to set up an air-conditioners and compressors manufacturing plant at Origins by Mahindra, Chennai.
The electric and electronic equipment manufacturing company will invest around $222 million (about ₹1,819 crore) in the facility spread over 52 acres.
According to a regulatory filing by Mahindra Lifespace Developers Ltd, the plant will be operational by October 2025.
Once fully operational, it will enable Mitsubishi Electric to achieve an annual production capability of 3,00,000 units of room air conditioners and 6,50,000 units of compressors.
Also read: Taiwan’s footwear brand to set up a plant in Tamil Nadu
Kazuhiko Tamura, Managing Director, Mitsubishi Electric India Pvt Ltd, said the new facility will stabilise the supply as the Indian market continues to grow due to an increase in the country’s population and growing economy.
“It also will strengthen capacities to meet local demands and provide product lifecycle solutions incorporating air conditioning and refrigeration equipment,” he added.
Shares of Mahindra Lifespace Developers closed at ₹364.05 apiece on BSE on Monday, 1.33 per cent lower from Thursday’s closure.
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