Gangnam Street Retail acquires 22-acre land in Greater Noida for Rs 180 crore

Gangnam Street Retail, an appliance manufacturing company has acquired a 22-acre land parcel in Greater Noida to set up a manufacturing plant, jointly with South Korea based Dh Global Co Ltd, a senior executive said.

The land has been purchased for Rs 180 crore and the combat will invest another Rs 400 crore in setting up the plant.

The company will focus on manufacturing refrigerators.

“The factory will be ready in one and half year and our target is to produce one million units in the first year and increase it gradually. In five years, we want to manufacture five million units a year from this site,” said Sanjeev Rathi, managing director, Gangnam Street Retail LLP- India.

The company will further expand the capacity of the manufacturing unit by acquiring more land.

This will lead to employment generation for 2,000 locals.

The land has been purchased at the integrated industrial park by the Greater Noida authority, which is spread in 750-acre.