India an investment hotspot for Chinese appliance makers
Midea Group launches construction of US$190 million Science and Technology Park to meet growth market
Midea Group, a major Chinese electrical appliance manufacturer, kicked off the construction of a 13.5-billion-rupee (US$190 million) Science and Technology Park in India, Yicai.com reported.
The Group is planning to turn the 270,000-square-meter parcel into a production base for household appliances, HVAC and air-conditioning compressors over the next five years.
The park will operate in early 2020, and is expected to produce 500,000 refrigerators, washing machines, water purifiers and water heaters, 1.5 million household air conditioners, 250,000 commercial air conditioners and 4.5 million air conditioner compressors every year.
India is becoming a hot spot for Chinese home appliance giants to invest, and the country is an important growth market for Midea. The size of the Indian home appliance market in 2019 was estimated at about 700 billion rupees.
In the future, Midea will also set up an R&D centre to design, test and develop products for the Indian market. While its competitor, TCL is also planning to set up factories in India.