Prama Hikvision India has announced plans to invest Rs.500 crore in a manufacturing facility for electronic security and surveillance products in Andhra Pradesh. The company signed a Memorandum of Understanding (MoU) with the State Government of Andhra Pradesh on 27 August 2018.
The MoU was signed between the Andhra Pradesh Chief Minister N. Chandrababu Naidu and Ashish P. Dhakan, MD & CEO, Prama Hikvision India at the Round Table Session at Taj Mahal Palace Hotel, Mumbai. As per the MoU Prama Hikvision will invest Rs.500 crore in Andhra Pradesh to set up a manufacturing plant.
“We have signed an MoU with Andhra Pradesh Government to set up a manufacturing facility in Andhra Pradesh with an investment of Rs.500 crore. We are grateful to Andhra Pradesh Government and N. Chandrababu Naidu for extending their support. With this new manufacturing facility we will be able to expand our manufacturing capacity in India,” said Mr. Dhakan.
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.
The company has plans to manufacture the latest electronic equipment tuned to the capacity of approximately 15-20 lakh video surveillance cameras and recording back-end devices per month in the State of Andhra Pradesh.
The project is expected to generate 1,000 direct and/ or indirect jobs, and more in auxiliary industries.