Haier signs MoU to set up Rs 3,000 cr industrial park in Greater Noida

Haier, a multinational company and global leader in home appliances and consumer electronics, on Friday signed a memorandum of understanding (MoU) with the Uttar Pradesh government to set up its second industrial park in India at Greater Noida. The company is expected to invest Rs 3,069 crore in the Greater Noida Industrial park.

The MoU was signed in the presence of Uttar Pradesh Chief Minister Yogi Adityanath, Haier Appliances India Limited Managing Director Song Yujun and other officials of the company and dignitaries of the UP government.

Haier India President, Eric Braganza, said that this was in line with the company’s commitment to the ‘Make in India’ initiative. He said: “The new facility will not only help in augmenting our production capacity to address the increasing local demand, but also in generating employment opportunities in the state. This agreement will enable us to further strengthen our presence and commitment in the country.”

As per the MoU, Haier will invest Rs 3,069 crore for setting up the industrial park over the next four years in two phases. With this development, the company is expected to create around 4,000 new direct employment opportunities along with over 10,000 indirect jobs. The expansion of the manufacturing facility by the company will serve as an opportunity for vendors and OEMs (original equipment manufacturers) and bring about an expanded business with increased local production and lesser imports.

Industrial Development Minister Satish Mahana said that UP was the largest domestic market in India. He said in consumer electronics segment, UP was the largest exporter and the establishment of Haier plant at Greater Noida will add to an array of existing reputed firms of electronic manufacturing in Noida and make it a global cluster of electronic manufacturing.

The investment is aimed to scale up the production capacity of Haier products across categories like refrigerators, washing machines, air-conditioners and LED panels.