Veira to invest Rs 450 cr on new unit to hike air coolers, washing machines production capacity

New Delhi: Consumer electronics and appliances maker Veira on Monday said it will invest Rs 450 crore to set up a new manufacturing unit at Greater Noida to enhance capacity for air coolers and washing machines.

This investment will result in increasing existing production capacity from 1 lakh to 5 lakh units of washing machines and air coolers annually, Veira said in a statement.

"This expansion marks our commitment to serving both domestic and international markets," Veira Director Ankit Maini said, adding that the company anticipates these product segments to contribute 15 per cent to its revenue by the end of FY25.

The company, a contract manufacturer, said it already manufactures air coolers for 23 Indian and global brands. Similarly, it manufactures washing machines for 25 such brands.

At present, the company said it has two facilities at Noida's Sector 81 and 85, covering a combined area of 5 lakh square feet.