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NEW DELHI: Home-grown consumer durables major Videocon will set up an LCD manufacturing unit at Shenzen, China,[link widoczny dla zalogowanych], at an investment of $ 1.5 billion,[link widoczny dla zalogowanych], to tap the Chinese market as well as exporting to other countries.
"The LCD unit would be put in next one year, 50 per cent production of which would be for export purpose and remaining for domestic consumption of China," Videocon Industries Managing Director Rajkummar N 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,[link widoczny dla zalogowanych], 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.
Other companies which signed MoUs include Adfactors,[link widoczny dla zalogowanych], International Certification Pvt Ltd for general trading, AKS Associates and Cosmos Industries for setting up a unit in power and coal.
After signing of the MoUs, Jifei said leading steel manufacturer of China,[link widoczny dla zalogowanych], Fino Steel would set up two steel plants in in Orissa and Karnataka in next 4-5 years.
He said China intends to import 150 million tonnes of iron ore from India as against its current import level of 85 million tonnes in view of its growing requirements for steel production.
Around 75 companies affiliated with CCPIT would be visiting India in next six months to identify business areas like hardware, software, engineering, plastic toys, IT, BPO, automobile and components for joint ventures, he added.