French multinational Schneider Electric is setting up a manufacturing base near Calcutta to cater to the local demand and export market.

The company carried out the ground breaking ceremony of the plant at Prospace Industrial Park near Dankuni on Thursday. Covering an area of 9 acres, this new facility will entail an investment of Rs 140 crore.

With this plant, Schneider aims to accelerate and grow its capacity in manufacturing products such as vacuum interrupters (VI) and strengthen its power systems vertical. This new plant is planned to be completed by February 2024, and the manufacturing operations are expected to start in the second quarter of the next financial year.

Commenting on the development, Nitin Bakshi, vice- president, global supply chain- India, MEA, SAM & Pacific, Schneider Electric, said, “The idea behind the development of this factory is to strengthen India’s growing position as a global force in manufacturing and exports.

“This upcoming factory will bind the power of India’s talent and vision of self-reliance into a global phenomenon. This new facility will export 50 per cent of the peak volume capacity, meeting the needs of customers in India and across the world. Our new age digital technologies will prove to be a game changer in the energy management industry for years to come.”

India is the third largest market for Schneider and a huge base for export operation. In December 2022, Schneider announced doubling manufacturing capabilities with the development of a new smart factory in Bangalore. With a planned investment of Rs 425 crore, the new facility was aimed at consolidating six out of the 10 existing factories of the company in Bangalore under one roof.

In September 2022, the company announced the groundbreaking of a new smart factory in Hyderabad, which, upon completion, will be the second smart factory in the city.