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Aequs founder Melligeri seeks PLI for toy making, plans IPO after 5 years

Aravind Melligeri, the founder of US-based Aequs, an Indian agreement maker, has looked for production-linked incentives (PLI) for toy and client durable ventures to brighten up products and add occupations.

Aequs is making the country’s first and biggest toy-producing cluster unfold over 400 acres of land at (*5*) in Karnataka, aside from a modern park for client durables in Hubballi.

The Belagavi-headquartered Aequs is totally owned by Melligeri and his family members. The upcoming plug and play office at Koppal will rapidly home 4 toy things, along with two by Aequs itself. While Viscon Polymers can expense unit might make toy components, various things are under entirely unexpected stages.

Melligeri, who hails from Hubballi, referenced chief minister Basavaraj Bommai has been extremely strong in his drives and seeking after with the Center to get them the PLI benefits.

He is bullish on the forthcoming client durables cluster in Hubbballi, which when totally authorized, will downsize India’s dependence on China for provides in these products.

Melligeri, who helped to establish Quest Global with buddy Ajit Prabhu, hived off the assembling enterprise in 2014, took it non-public and named it as Aequs. Its 260-acre of land precision designing SEZ in Belagavi is 13-year obsolete at this point.

He sees an enormous option for Indian toy creators as the overall market is esteemed about $ 100 billion, and Chinese makers make up four-fifths of it, and the bulk of the leftover by Vietnam.

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