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 has signed a Memorandum of Understanding (MoU) with the state government of Andhra Pradesh.
The MOU was signed on 27th August between the Andhra Pradesh Chief Minister Mr. N. Chandrababu Naidu and Mr. 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 Mr. N. Chandra Babu Naidu for extending their support. With this new manufacturing facility we will be able to expand our manufacturing capacity in India,” said Mr. Ashish P. Dhakan, MD & CEO, Prama Hikvision India Pvt. Ltd.
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. Prama Hikvision India has plans to invest in a manufacturing facility for electronic security and surveillance and other latest electronic equipment tuned to the capacity of approximately 15-20 lakh Video surveillance cameras and recording back-end devices production per month in the State of Andhra Pradesh.
The project will bring an investment of approximately Rs. 500 crore, which is expected to generate 1,000 direct and indirect jobs and more in auxiliary industries. Headquartered in Mumbai, Prama Hikvision India is committed to provide high-quality products with sound technical support serving a large network of dealers and system integrators across India, through its 51 branches and a workforce of about 700 employees.