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Mitsubishi Electric Corporation on Tuesday said it will invest about Rs 220 crore (3.1 billion yen) in its Indian subsidiary to set up a new factory near Pune in Maharashtra. Its subsidiary Mitsubishi Electric India will manufacture inverters and other factory automation (FA) control system products, said a statement from the Japanese manufacturer of electrical and electronic products.

The factory is expected to start operations in December 2023 and would expand the company's capabilities to meet the growing demand in India, it added.

"The rapidly growing Indian market is expanding at an annual rate of about 8 per cent mainly in industries such as automobiles, food & beverage, pharmaceuticals, data centres, and textiles, with further market expansion expected in the future," it said.

The new two-floor, 15,400 square-metre factory will be built on 40,000 square metres of land near Pune.

It will help expand Mitsubishi Electric's production capabilities to meet local demand for products, and also contribute to the Make in India initiative promoted by the Indian government," the statement said.

In addition, the facility will incorporate various features aiming to achieve carbon neutrality by reducing carbon dioxide emissions by using highly efficient air conditioning systems and LED lighting equipment.

It will also meet sustainable development goals (SDGs) by reusing wastewater through underground filtration treatment and greening.

Mitsubishi Electric India is in the business of "development, manufacture, sales and after-sales service of FA control system products, sales and after-sales services for air conditioners, semiconductors; manufacture, sales and after-sales service of electrical products for railway vehicles.

Headquartered in Tokyo, Mitsubishi Electric Corporation is a world leader in electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment.

The company had recorded a revenue of 4,476.7 billion yen (USD 36.7 billion) in the fiscal ended March 2022.