UTTAR PRADESH, INDIA – PG Technoplast signed a memorandum of understanding with the government of Maharashtra to invest Rs 3.15 billion (US$40.7 million) in the state, according to reports.

The electronics manufacturing services provider has eight production sites in India. The company will work with Maharashtra Industrial Development Corp. to create the region’s largest room AC manufacturing capacity.

"We are grateful to the government of Maharashtra for facilitating PG's push to provide its customers turnkey solutions for all home appliances,” said Vikas Gupta, MD-Operations, PG Group. “The move will help bring room AC manufacturing to the Western region of the country, which historically has been concentrated in the Northern, and now Southern, parts of the country.”

In the fiscal third quarter, the firm’s net profit declined 2.6% to Rs 63.3 million, and sales increased 45.4% to Rs 2.7 billion compared to the same period last year.

Ed.: Rs1 = US$0.013

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