New Delhi: Homegrown consumer durables major Videocon will set up an LCD manufacturing unit at Shenzen, China, at an investment of $1.5 bn, to tap the Chinese market as well as exporting to other countries.
“The LCD unit would be put up within the next one year, 50% production of which would be for export purpose and remaining for domestic consumption of China,” Videocon Industries Managing Director RN Dhoot said in a statement issued by Assocham.
He said, the technology for LCD production would be transferred to China from its research and development centre at Japan so that the production is effected at cheaper and competitive cost.
An MoU for the same was signed between Dhoot and China Council for Promotion of International Trade (CCPIT) Chairman Wan Jifei in Bejing.
Videocon is a part of the 35-member Assocham business delegation visiting China for interacting and inking business deals with the Chinese counterparts.
Nine other companies, besides Videocon have signed MoUs with CCPIT members for establishing their manufacturing units in China, involving an investment of five billion dollars, the statement said.
“ZTE Telecom India and Spice Communications will set up telecom manufacturing units in Shenzhen. Also Maharasthra Industrial Development Corporation, Rajasthan Industries Development Corporation and Unity Power have struck business deals,” the statement said.