Anchor Electricals, a wholly-owned subsidiary of Japan’s Panasonic Corporation, is planning to set up a factory in Sri City, Andhra Pradesh. The facility will be set up on 30 acre land and see an investment of around Rs 200 crore.
The factory will mainly produce fans, wiring devices and switchgear and cater to the Central and South Indian markets. The plant will start operations in 2020, generating up to 2,000 new jobs.
Currently, the company employs 9,000 people across its offices and eight factories.