TMEIC to invest $35 million in India expansion

TMEIC to invest $35 million in India expansion

Co's cumulative investment in India stands at $100 million

TMEIC to invest $35 million in India expansion

Tokyo-based Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC) on Wednesday announced its plans of making an additional investment of $35 million in India, in a bid to expand its business here.

In line with the said investment, the company plans to address the rapid expansion of new orders for PV inverters, in particular. TMEIC Industrial Systems India (TMIND) Managing Director Hemant Joshi said, “In terms of PV inverters, TMIND has received a large volume of new orders in India. Additionally, as the global leader capturing the top share of PV inverters, TMEIC will supply PV inverters made in India not only locally, but also globally. The new factory will genuinely be designated as the core of TMEIC’s renewable energy business.”TMEIC has already invested $65 million in India earlier, for strategically growing its business operations here, including the construction of a new motor factory at the Vasanthanarasapura Industrial Area, Tumakuru, which was inaugurated on Wednesday. With the addition of the new investment, TMEIC’s total investment in India is to the tune of $100 million on a cumulative basis, which during the past three years is the largest investment made by the company in any country worldwide, including Japan.

“The planned construction of the new plant — which will produce power electronics products, specifically PV inverters, motor drive inverters and uninterrupted power supply  (UPS) units — will start from this spring with the aim of commencing operations from the summer of 2017. Around 250 people are expected to be employed at the new production site,” TMEIC Japan President Kiyotaka Machida said, adding that the new plant, which will be built on newly acquired land situated adjacent to the new motor factory, will cover around 10,000 square metres in area.

While the PV inverters business is geared towards renewable energy and Make in India, the UPS business is bullish on Digital India. 

“There is demand for UPS units in the IT space. While UPS units made in Japan currently are being sold in India and new orders are steadily being received, TMEIC plans to produce products locally at the new factory, directed towards making full-fledged inroads into the Indian market,” Joshi said. 

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