Skyworth inks MoU on Rs 700-cr unit in Hyderabad; KTR claims it will generate 5,000 jobs

Hyderabad: Hong Kong-based $5-billion Skyworth Group will be setting up its manufacturing unit in Hyderabad at an initial investment of Rs 700 crore ($100 million). The new state-of-the-art manufacturing base, under the name Radiant Appliances and Electronics, spread across a 50-acre unit, will manufacture white goods and TVs in a phased manner. The consumer electronics conglomerate on Friday inked an agreement with Telangana government.

Lai Weide, Skyworth Group Board Chairman, signed an MoU with Telangana government in the presence of Industry and IT Minister KT Rama Rao. Skyworth Group will be making an investment of $100 million in phase-1. Skyworth and METZ brand LED TVs, which offers cutting-edge technology and latest features are already into production. Skyworth will take up manufacturing of new generation lithium batteries for electric vehicles (EVs) in the second phase. The product range also includes white goods — air conditioners, refrigerators and washing machines.

KTR congratulated Skyworth Board Chairman and his team for starting the manufacturing in Hyderabad and assured of all possible support from Telangana government.

The minister said that Skyworth’s decision of choosing Hyderabad as its manufacturing destination highlights the potential of our city. “The new manufacturing unit will generate employment opportunity to more than five thousand people. Telangana government is industry proactive, which is reflected in its industrial policy and revolutionary measures such as TS-iPass,” said the minister. He added that the availability of a skilled workforce, best law and order, latest infrastructure and excellent national and international connectivity makes Hyderabad the most favourable destination for industrial investment.

Weide said, “Telangana government’s industrial policy highly encourages Skyworth. We bring out high-quality manufacturing skills and the scale of the economy through a very efficient supply chain. Skyworth will make futuristic products for Indian consumers. Along with the upscaling of local people’s skills, Skyworth will undertake socially responsible initiatives.”

Wang Zenjun, the Executive Vice-President, added that India is a strategic market under Skyworth Global Expansion plan. “It is noteworthy that Indian consumers will receive quality AIOT products of Skyworth and Metz. Skyworth is committed to Indian markets and would continue to make substantial investments in it in a phased manner.”