Voltas will make an investment of over Rs 1,000 crore towards expansion of its manufacturing capacity including a new plant near Chennai, Tamil Nadu.
Another proposed Rs 500 crore compressor plant in partnership with China’s Highly International is yet to receive government clearance. The proposed investments are to support the Tata-owned air-conditioner and home appliance maker’s pace of growth.
The planned compressor plant in joint venture (JV) with Highly under the Production-Linked Incentive (PLI) scheme is stuck in limbo as the Press Note 3 and PLI approvals are still pending.
The compressor plant is to come up near Chennai. The company has received 150-acre land parcel from the state government. The project involves Rs 500 crore plant with Highly and another Rs 500 crore AC manufacturing facility.
Voltas will also infuse Rs 200 crore for expansion of commercial refrigeration and AC at its factory in Baroda and Rs 100 crore for room AC at Pantnagar.
An additional Rs 200 crore is going to be pumped into the home appliance plant at Sanand, near Ahmedabad.
The compressor plant with Highly will be operated as a JV and will also sell to other brands and be exported.
