Leading musical instrument maker Yamaha will commence production of acoustic guitars and portable keyboards early next year from its factory in Tamil Nadu and expects to export 20-30 per cent from the first year's production, a top company official has said.
According to Yamaha Music India, the company would produce 400,000 acoustic guitars and 300,000 portable keyboards a year in the coming years.
"YMI is leading Japan's Yamaha group in the Singapore dollar 720 million investment for two-phase development of a factory that would eventually produce 400,000 acoustic guitars and 300,000 portable keyboards a year, said YMI managing director Takashi Haga on Friday.
Yamaha investment is proceeding smoothly with a good support from the Tamil Nadu government, said Haga while addressing a seminar on promotion of Global Investors Meet 2019 to be hosted by Tamil Nadu on January 23 and 24, 2019.
The Japanese company has invested Singapore dollar 380 million for the first phase of the factory that is coming up at One Hub Chennai industrial zone in Tamil Nadu.
The development has been given all clearances with Phase I construction that started in July last year. Preparation are underway to commence production from early next year.
Most of the YMI production will be for the Indian market, though Haga expects to initially export about 20-30 per cent from first year production of 100,000 sets.
Exports volume will decrease as Yamaha expects strong demand for its products in the year ahead, said Haga, adding that the market has been surveyed.
"We have started music school which is collaborating with private schools across the country," Haga said.