Prama Hikvision to invest Rs 500 cr to expand capacity

Homegrown security solutions provider Prama Hikvision India will invest another Rs 500 crore to expand its capacity to 5 million cameras per month, a top company official said on Tuesday. Prama Hikvision India's Managing Director Ashish P Dhakan made the announcement while inaugurating the company's facility in Vasai near Mumbai.

"Our Vasai facility has an installed capacity of producing 1.5 million cameras per month. We have invested Rs 500 crore already in setting up this facility. We have an expansion plan. We will be investing another Rs 500 crore to expand our capacity to 5 million," he said, adding the company aims to more than double the capacity by March 2020. Elaborating on the expansion plans, Dhakan said it will be a green field set up in Gujarat or somewhere in the Southern region.

The expansion will create job opportunities for about 3,000 people, he added. The company has already signed an MoU with the Andhra Pradesh government in this regard.

Speaking further about its Vasai facility, he said it is spread over 12 acres of land and employees about 2,000 people. It can manufacture over 850 product models and will cater to 35 per cent of the domestic market on monthly basis. "At present, we do 50 per cent localization and aim gradually 100 per cent localization in next 18 months," he said.

The market for security surveillance devices in India and South East Asian markets are growing. With Vasai facility, which is India's first and largest integrated security and surveillance unit, the company will not be able to cater to a fast expanding domestic market, he said.

V K Saraswat, Member Niti Aayog, was also present at the event.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)