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Bengaluru: Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC) on Wednesday announced an additional investment of 35 million dollars (over Rs.233 crore) to build a power electronics factory in Tumakuru district of Karnataka.
"The company will build a power electronics factory on newly acquired land adjacent to a motor factory of TMEIC Industrial Systems India Private Limited," the company said in a statement here.
The new factory at Vasanthanarasapura Industrial Area in Yalladadlu village, 90 km from Bengaluru, will produce power electronics products like PV inverters, motor drive inverters and Uninterruptible Power Supplies.
Previously, TMEIC invested nearly 65 million dollars in the motor factory, the statement said.
Slated to commence operations from the summer of 2017, the new factory will majorly hire locals.
"Together with relocating operations from the current power electronics factory acquired from AEG Power Solutions BV in 2014, approximately 250 people are expected to be employed at this production site," the statement said.
According to the statement, the company received a large volumes of new PV inverter orders enabling the factory to work at full capacity.
TMEIC aims to supply made-in-India PV inverters locally as well as globally.