Anchor Electricals plans to invest Rs 600 cr by 2025 to set up new facility in Andhra Pradesh

Anchor Electricals Thursday said it plans to invest Rs 600 crore by 2025 to set up an electrical construction material and appliances manufacturing facility in Andhra Pradesh.

The company, a wholly-owned subsidiary of Japan's Panasonic Corporation, has signed an MoU with Andhra Pradesh Economic Development Board (APEDB) to establish the facility in a new 30-acre factory in Sri City, Anchor Electricals said in a statement.

The company plans to make a phased investment of Rs 600 crore by 2025, with an initial investment of Rs 250 crore, to set up the facility, it said.

Anchor has 7 manufacturing units in North and West regions of India.

The MoU was signed between Anchor Electricals Joint MD Dinesh Aggarwal and APEDB CEO J Krishna Kishore in the presence of Andhra Pradesh Chief Minister N Chandrababu Naidu and Singapore Minister for Communication and Information S Iswaran.