A memorandum of understanding (MoU) was signed between Elista, a company that specialises in electronics, home appliances, IT, and mobile accessories, and the government of Andhra Pradesh in the presence of the chief minister, Y S Jagan Mohan Reddy.

As part of this agreement, Elista would spend Rs 100 crore to build a second manufacturing facility in Andhra Pradesh.

“Elista recently announced setting up a modern 1.32 lakh sq ft facility in Andhra Pradesh with an investment of Rs 250 crore in March 2023. This will be the second consecutive plant from Elista in the state, in addition to the investment announced earlier, reaffirming its commitment to Atmanirbhar Bharat," Elista said in a statement.

Scheduled to be operational in December 2024, the new manufacturing plant marks Elista’s foray into the smartwatch segment, diversifying its product portfolio and responding to the increasing demand for wearable technology.

The company is planning to generate Rs 50 crore in revenue from this category by the next financial year. This state-of-the-art plant will have a production capacity of 10 lakh smartwatches and 2 lakh speakers and will generate an employment opportunity for around 500 people.