Consumer electronics firm Veira will invest Rs 450 crore to set up a new manufacturing unit at Greater Noida to boost production capacity for its air coolers and washing machines segments.

This investment will raise the existing production capacity from 1,00,000 to 5,00,000 units of washing machines and air coolers annually.

The expansion for its brands marks the appliances maker’s commitment to serving both domestic and international markest, even as the company anticipates these products to contribute 15 percent to its revenue by the end of FY25.

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

At present, the company has two facilities at Sector-81 and 85 in Noida, encompassing a combined area of five lakh sq. ft.