Andhra Pradesh manufacturing plant to be operational by Q1 of 2024, says Elista Chairman

Manufacturer of electronics, home appliances, IT and mobile accessories brands, Elista has announced that it would be investing Rs 250 crore in setting up a manufacturing plant in Andhra Pradesh.

Spread over 1,32,300 square feet, this state of art plant will have a production capacity of 10 lakh televisions and 10 lakh LED monitors annually.

Speaking to CNBC-TV18, Saket Gaurav, Chairman & MD of the company said the new plant will be operational from Q1 of 2024 and the investment will be done in a phased manner.

“The total investment of Rs 250 crore will be taking place in a phased manner. Phase 1 will start from April 2024, wherein we will be investing around Rs 50 crore and the plant will be able to produce around 1 million sets of TVs and 1 million sets of monitors. This plant will be operational from Q1 of 2024,” Gaurav said.

He added that in phase 2, the company will be investing into manufacturing washing machine, dishwashers and refrigerators.

Gaurav also highlighted that the company is mulling entry into key markets in Middle East and Africa (MEA) region by next year.

Also, Girish Mathrubootham, Co-Founder & CEO of Freshworks spoke about how the Silicon Valley Bank (SVB) like situation could have a cascading effect on the banking system. He blamed the SVB crisis on poor risk management.

Moreover, Param Bhargava, Founder of The Ayurveda Company discussed how the company plans to utilise its recent Series A fundraise of Rs 100 crore. The funding round was led by Sixth Sense Ventures and also saw participation from actress Kajal Agarwal, a few notable start-up founders, and venture debt funds.