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Homegrown original design manufacturer (ODM) Veira Group on Monday announced to invest a total of Rs 200 crore at its new manufacturing plant in Greater Noida, that will help the company manufacture one LED TV every 5 seconds.

The company aims to hire 1,000 people, thus creating new job opportunities for R&D personnel, management personnel and skilled workers.

The company said it has already invested Rs 120 crore at the new facility, and the rest will be invested in the next six months.

This is the second manufacturing plant of Veira Group in India, the first being at sector 63 in Noida.

"It's about time that Indian manufacturing takes the next step to compete with global manufacturing by having large-scale and automated production plants," Sharan Maini, Director Operations, Veira Group, told IANS.

With the support of the government, "we are confident that India will become a global hub for the production of high-quality electronic products," Maini added.

With the new manufacturing facility, the company increases its total production capacity of Smart TVs by more than 3 million units annually, amounting to a total of 4 million LED TVs per year from the present 1 million units annual capacity.

The plant currently has 400 000 square feet dedicated to LED TV production.

Furthermore, the company said that the PCB assembly capacity of the plant is being upgraded to produce 20K LED TV mainboards and PCBs per day.

"We believe we will capture more than 15 per cent of the market by the end of 2023. The new plant and R&D Centre will help with the production of technologically advanced products and the introduction of new manufacturing lines is in line with the Make in India' initiative," said Maini.