Virendra Pandit
New Delhi: In this Age of Frenemies, business is business.
So, amid the Sino-Indian geopolitical and geoeconomic maneuvres, a major Chinese electronics company, TCL Electronics Holding Ltd, has decided to set up an Rs. 225-crore facility to initially manufacture washing machines.
The media reported on Wednesday that the company has entered into a memorandum of understanding (MoU) with its Indian collaborator Resojet to set up a joint venture near Hyderabad, in what will be the first overseas manufacturing facility for Hefei (China)-based TCL Electronics.
The new facility, which will come up at the E-City at Raviryal in Hyderabad, will start off with washing machines. “It will later be expanded to manufacture refrigerators, dishwashers, and electronics goods,” a senior Telangana IT Ministry official said.
In the first phase, the plant will create nearly 500 jobs.
“This investment is a testament to the state’s efforts towards creating a conducive ecosystem for high technology manufacturing and reinforces Telangana’s position as a frontrunner in electronics manufacturing in the country,” K T Rama Rao (KTR), Telangana Minister for IT and Industries, who is the son of Chief Minister K. Chandrashekhar Rao, said.
The MoU was signed in his presence on Wednesday.
Stating that his government was targeting to transform Telangana as the Shenzhen of India, KTR invited TCS Group Chief Executive Officer Juan Du and the TCL team to visit Telangana to have a feel of its infrastructure and ecosystem.