Prama Hikvision India plans to invest Rs.500 crore in Andra Pradesh, signs MOU
Prama Hikvision has announced its plans to invest Rs.500 crore in a manufacturing facility for electronic security and surveillance products in Andhra Pradesh. The company has signed a Memorandum of Understanding (MoU) with the State Government of Andhra Pradesh.
The MoU was signed between the Andhra Pradesh Chief Minister, Mr N. Chandrababu Naidu, and Ashish P. Dhakan, MD & CEO, Prama Hikvision India.
“We have signed an MoU with the Andhra Pradesh Government to set up a manufacturing facility in Andhra Pradesh with an investment of Rs.500 crore. We are grateful to the Andhra Pradesh Government and Mr N. Chandra Babu Naidu for extending their support. With this new manufacturing facility, we will be able to expand our manufacturing capacity in India,” said Ashish P. Dhakan, MD & CEO, Prama Hikvision India.
The company is looking to treble its capacity to make cameras by expanding its manufacturing footprint in India to meet a steady increase in demand for cameras and digital video recorders.
Prama Hikvision India has plans to invest in a manufacturing facility for electronic security and surveillance and other latest electronic equipment tuned to the capacity of approximately 15-20 lakh Video surveillance cameras and recording back-end devices production per month in the state of Andhra Pradesh.
The project will bring an investment of approximately Rs.500 crore, which is expected to generate 1,000 direct and indirect jobs and more in auxiliary industries.
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