The company, which had to put on hold its capex plans when the first wave of COVID-19 pandemic hit India last year, is now going ahead with its planned expansions and is also planning to apply for the PLI scheme for air-conditioners.
Consumer durables maker and electronics manufacturing services provider, PG Electroplast Ltd (PGEL) has lined up an investment of ₹ 100 crore for the ongoing fiscal year, of which the majority will be spent on setting up a new air-conditioner manufacturing plant at Ahmednagar in Maharashtra, according to a senior company official.
The company, which had to put on hold its capex plans when the first wave of COVID-19 pandemic hit India last year, is now going ahead with its planned expansions and is also planning to apply for the PLI scheme for air-conditioners.
PG Electroplast Ltd Executive Director – Operations Vikas Gupta told PTI, “We have a large capex coming up for expanding our capabilities and capacities in the air-conditioning segment and we are putting up a complete Greenfield plant for which we acquired a land parcel of 10 acres around three months back,” In terms of production capacity, he said in the plastic moulding the company has a capacity to produce around 50,000 tonnes of plastic every year.
In washing machines, Gupta said, “We have expanded our capacity last year, and currently we have a capacity of almost 0.8 million washing units per annum. Recently we have started production of fully automatic washing machines for our clients. So, washing machine is also one strong growing business for us and we expect to have a substantial growth in washing machines.”
Stating that the company is also looking to apply for PLI scheme for air conditioners, he said, “We are already planning to apply for AC PLI scheme which has been announced by Government of India. We are planning to participate in that and submit our application.”
He, however, said the company’s current capex plans are independent of the PLI scheme.
For more info, visit: https://www.pgel.in/
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