New Delhi, April 12 (SocialNews.XYZ) Leading homegrown robotics company Addverb Technologies on Tuesday announced to set up the world's largest manufacturing facility in Noida, as Reliance Industries Limited (RIL) pumped $132 million in the company recently.
Spread over 60,000 sq metres, the new plant will create highly-skilled job opportunities and lead to direct and indirect employment for over 3,000 people.
Ten times bigger than the current manufacturing facility called Bot-Valley in Noida, the new factory will position the company as the largest manufacturer of robots in the world and will provide capacity for new growth opportunities, the company said in a statement.
"This brand-new facility will make Addverb a giant robot manufacturer on global fronts, by delivering cutting edge software and robust hardware systems, along with a mix of innovative fixed and flexible automation solutions," said Sangeet Kumar, Founder and CEO, Addverb Technologies.
The announcement comes on the heels of Reliance Industries Ltd (RIL) investing up to $132 million in the company to enable Addverb set up the biggest robotic manufacturing facility at a single location.
The facility will be able to manufacture up to 60,000 robots per year of different specifications and categories.
It will be designed in such a way that the manufacturing capacity can be scaled up to 10 times in order to build only a particular type of robot.
This will complement Bot-Valley, Addverb's existing assembly manufacturing facility based out of Noida.
According to a recent study the global warehouse robotics market size is expected to grow from $4.7 billion in 2021 to $9.1 billion by 2026.
Addverb has provided warehouse automation solutions to companies across the spectrum, including Unilever, Reliance, Flipkart, Amazon, PepsiCo, Coca-Cola, Marico, Dabur, ITC and Patanjali, among others.
In February, Addverb Tuesday announced expansion plans for the US market, with appointing Mark Messina as CEO for its US operations.
Prior to RIL's investment, Addverb raised around $11 million in Series A and Pre-Series funding, led by Jalaj Dani, co-promoter of Asian Paints, taking its total funding close to $143 million since its inception in 2016.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz