Aequs to invest Rs 3,540 crore for home appliances cluster in Karnataka's Dharwad
Deccan Herald, November 25, 2020
Aequs Private Limited, a Belagavi-based global precision manufacturing company, has come forward to invest Rs 3,540 crore to set up a consumer electronics and durable goods’ cluster at Itagatti near Dharwad.
Aequs Private Limited Chairman & CEO Aravind Melligeri and MD & CEO Rajeev Kaul met Union Parliamentary Affairs Minister Pralhad Joshi in New Delhi on Tuesday and discussed the plan.
The duo, along with Joshi, met Union Commerce Minister Piyush Goyal, and Invest India managing director Deepak Bagla. Goel has assured the company all necessary help from the Union government to set up the cluster.
Joshi told DH over the phone that the project will be the first zone-specific investment in the country and will be in line with Prime Minister Narendra Modi’s Atmanirbhar Bharat plan. This investment is expected to create more than 20,000 employment opportunities.
The state-level high-powered committee headed by Chief Minister B S Yediyurappa had cleared the project recently. Joshi thanked Yediyurappa and Large and Medium Industries Minister Jagadish Shettar for granting permission for the project.
The state government has sanctioned 400 acres of land to Aequs at Itagatti near Dharwad.
Aequs would invest Rs 3,540 crore and generate 20,000 direct and 10,000 indirect jobs. After the completion of the cluster, it is expected to earn a revenue of Rs 2,000 crore annually.
The company would produce home appliances like refrigerators, washing machines, air-conditioners, heaters, mixers, grinders, iron boxes, ovens and electronic goods like mobile phones, computers, laptops, printers, personal care devices, cameras and televisions in the cluster of industries.
Speaking to DH, Shettar said this would be the first fast-moving consumer goods (FMCG) production cluster in the country.
Shettar said, through this cluster, North Karnataka would witness a Rs 25,000-crore business. Some more companies were eager to set up units in the region. There was enough land in the district for the establishment of industries. Local people would get jobs if more industries came here, he added.
This article first appeared in Deccan Herald