The first phase will require an investment of Rs 2.25 billion and is expected to create jobs for 500 people, according to an official press release issued on Wednesday.
UPDATE – Wed 23/28 at 4:19pm
Hyderabad: Telangana company Resojet has signed a memorandum of understanding with TCL to form a joint venture to build a state-of-the-art consumer electronics manufacturing facility in Electronics City, Raviryal.
According to an official press release on Wednesday, this will require an investment of 2.25 billion rupees and create jobs for 500 people in the first phase. Representatives of Resojet and TCL signed the Memorandum of Understanding in the virtual presence of Minister of Industry KT Rama Rao.
TCL Electronics Holdings Co., Ltd. is one of the largest consumer electronics manufacturing companies in the world, headquartered in Hefei, China. The proposed Telangana factory will be TCL’s first overseas washing machine manufacturing plant and will be further expanded to manufacture other consumer appliances such as refrigerators and dishwashers.
Speaking at the meeting, Minister Rama Rao said the state was proud that another home-grown company, Resojet, was expanding its operations. “We are delighted to welcome TCL to Telangana.
The investment is a testament to the state’s efforts to create a favorable ecosystem for high-tech manufacturing and reinforces Telangana’s position as the frontrunner in electronics manufacturing in India. “
The minister said that he would spare no effort to build Hyderabad into the Shenzhen of India, and invited Ms. Du Juan, CEO of TCL Group, and the TCL team to visit Telangana State to witness the state’s infrastructure and ecosystem.
On the occasion, Resolute Group Chairman Raminder Singh Soin said, “The proposed joint venture will drive the growth of electronics in India and will further boost the electronics manufacturing ecosystem in Telangana.” Resojet CEO Gopal Krishna and Electronics Director Sujai Karampuri were also present.
