Anchor Electricals to set up Rs 200-crore plant in Andhra

Anchor Electricals has decided to set up a new 30-acre factory in Sri City at an investment of around Rs 200 crore.

While Anchor is a wholly-owned subsidiary of Japan’s Panasonic Corporation, Sri City is an integrated business city in Andhra Pradesh around 50 km north of Chennai.

The new plant will mainly produce fans, wiring devices and switchgear and will cater to Central and South Indian markets.

Vivek Sharma, Managing Director of Anchor, was quoted as saying by BusinessLine said that the plant will start operations in 2020, generating up to 2,000 new jobs, out of which 70 per cent are most likely to be reserved for women. Currently, the company employs 9,000 people across its offices and eight factories.

Japan’s Panasonic Corporation acquired Anchor over a period of three years from 2007 to 2010.

Image Credit : thehindubusinessline.com