Delhi, Veira, a key player in consumer electronics and appliances manufacturing, is set to significantly expand its current manufacturing capacity for air coolers and washing machines with a 450 crore investment in its new manufacturing facility in Greater Noida. This investment will elevate the company’s existing production capacity from 100,000 units to 500,000 units of washing machines and air coolers annually. As a trusted OEM/ODM partner, Veira already manufactures air coolers for 23 and washing machines for 25 top Indian and global brands. This underscores its commitment to local production and the ‘Make in India, Made for India’ ethos, cementing its leadership in consumer appliance manufacturing
Operating two state-of-the-art facilities in Noida’s Sector 81 and 85, covering a combined area of 500,000 square feet, Veira’s investment will focus on setting up manufacturing infrastructure in the new unit. This includes acquiring molding machines, essential for shaping components, along with cooling systems, auxiliary equipment, and a dust control system to expand the total manufacturing capacity of the facility and new molds apart from fully automatic production lines & High Standard R & D. This investment not only advances manufacturing capacity and technology but also actively contributes to the localization of production, job creation, R&D enhancement, and fostering skill development in India.
With the air cooler market projected to grow at a CAGR of 12.1% and increasing demand for washing machines among Indian consumers, this investment strategically addresses market demands and opportunities. Veira boasts a vast manufacturing capacity under Consumer appliances, including air coolers, Washing Machines (Commercial & Household needs), and Smart TVs. Additionally, the company plans to enrich its existing product portfolio of washing machines by introducing semi-automatic washing machines by the end of the month.
Speaking of the development, Mr. Ankit Maini, Director at Veira, said, “This expansion marks our commitment to serving both domestic and international markets. We recognize significant export potential, particularly in light of the government’s ambitious goal of achieving a $300 billion electronics industry. We anticipate these product segments to contribute 15% to our revenue by the end of FY 2025. Beyond business, this initiative empowers local talent, fosters innovation, and contributes to the economic prosperity of our country.”
Already renowned as the largest manufacturer of Smart TVs in India, and the pioneer Indian ODM/OEM to offer multiple operating systems for smart TVs, Veira continues to lead the way in technological innovation with an enhanced focus on a comprehensive range of consumer appliances.