YEIDA to Develop Electronics Manufacturing Cluster, Havells to be Anchor Investor
Yamuna Expressway Industrial Development Authority (YEIDA) will be developing a 200-acre electronics manufacturing cluster in Noida Sector 10, Uttar Pradesh. Havells India Ltd. will be the ‘anchor investor’ for developing the aforementioned cluster and will be allotted 50 acre land by YEIDA. As per media reports, this information was given by YEIDA CEO, Mr. Arun Vir Singh, on 7th August 2024.
Currently, YEIDA is awaiting Union Ministry of Electronics and Information Technology (MeitY) approval for developing the aforementioned electronics manufacturing cluster.
Havells’ Role as Anchor Investor
Havells India is the ‘anchor investor’ in YEIDA’s upcoming 200-acre electronics manufacturing cluster. “Havells will be anchor or the main manufacturing unit and it will be tasked to form the special purpose vehicle with at least four other companies to whom the remaining 150 acres will be allocated”, clarified Mr. Singh. Therefore, the to-be-formed special-purpose vehicle will effectively implement YEIDA’s electronic manufacturing cluster project.
Havells to Invest 800 Cr., to Manufacture Consumer Goods & Industrial Electronics
Havells India will invest a sum of about Rs. 800 crore to set up Phase-1 of its new facility in YEIDA’s cluster, which will be developed under Centre’s Modified Electronics Manufacturing Clusters (EMC 2.0) Scheme. Phase-1 of Havells’ facility is expected to be commissioned by 2026.
In this new unit, the company will prioritise manufacturing of consumer goods, computer hardware, telecom & networking products, and electronics for use in various industries, including automotive industry. Apart from this, Havells will also manufacture electronic goods for application in the medical field.
Phase-1 of Havells’ upcoming unit is expected to generate about 1,000 job opportunities.
Elaborating on the significance of electronics cluster project, Mr. Singh said, “We will get the [MeitY] approval soon and this project has immense potential to boost the economy of the state and also create a large number of jobs. Once we get this project, Uttar Pradesh will become one of the first states to develop an EMC and invite key players to invest, buy land, and set up their units”.
Apart from this, Havells is also in the process of expanding its cable manufacturing capacity at its Alwar plant.
Havells’ Stock Gains 2% After YEIDA’s Announcement
Havells’ shares were trading at Rs. 1,824.35 apiece on the day YEIDA announced Havells as the ‘anchor investor’ for its upcoming electronics manufacturing cluster. This is 1.95% higher than Havells’ share price of Rs. 1,789.45 apiece on the previous trading day.
About Havells India Limited: Havells India Limited is a Noida-based company, which is one of the biggest players in the Indian FMEG market. Its product range includes Industrial and domestic Circuit Protection Switchgear, Modular Switches, Cables and wires, Fans, Power Capacitors, and Luminaires for Domestic, Commercial, and industrial applications, Water Heaters, Motors, and Domestic Appliances.
