Addverb to expand robots production in India by 10 times in FY23
Robotics and automation firm Addverb plans to expand its robot
manufacturing unit in India to boost its output by around 10 times in the next
financial year, a senior company official said.
The company has announced the start of international operations in
Singapore, Australia, Europe and is looking to start operations in the US
before the end of the ongoing calendar year.
"Addverb is looking to expand its manufacturing capability
and is looking to create the world's largest robot manufacturing facility in
India which will expand Addverb's capabilities by almost 10 times by next
financial year," Addverb Technology CEO Sangeet Kumar told PTI.
The company has a manufacturing unit in Noida which was
inaugurated in March with capacity to manufacture more than 50,000 robots of varied
types in a year.
Addverb will also set-up micro-factories in geographies where it
sees a surge in demand.
"Addverb plans to onboard 30 global employees across
different offices at middle and top management positions and will also be
looking for existing employees from India with relevant subject matter
expertise to support global offices," Kumar said.
According to the company, the global robotics market was valued at
USD 27.73 billion in 2020 and is expected to reach USD 74.1 billion by 2026.
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