Electro Mart to Invest USD 42 Million to Increase AC Manufacturing in Bangladesh

Bangladesh: Electro Mart Limited (EML), an electronics and home appliance company in Bangladesh, plans to invest Tk500 crore (USD 41.7 million) over the next three years to increase its air conditioner (AC) manufacturing capacity, particularly for the Gree brand. This follows a previous investment of Tk200 crore (USD 16.6 million) in the past three years. EML, which currently manufactures all AC components locally except compressors, aims to meet the growing demand for ACs in the country. Annual sales in Bangladesh have surged from 16,000 units in 2016 to over 200,000 units today, with a goal of reaching 500,000 units annually within five years. The company plans to expand its product range by including more home appliances such as refrigerators and microwave ovens.

Source: The Business Standard