This Chinese component maker is going to invest $1 billion in India
Advertisement
Chinese component maker Holitech Technology , which makes LCD and touchscreen panels for mobile phones, is going to invest a whopping $1 billion in India.
Bingshuang Chen, chief executive of Holitech Technology, said the company was waiting for research and development (R&D) expertise to grow in India.
"From our point of view, next year will be best time for us to enter the country...It (investment) could be as big as $1billion considering the requirement of facilities, equipment and all other technical aspects,” he told ET.
A high-level Chinese delegation is in India.
"IfFoxconn has not got its own component makers yet, why would others take the plunge. Indian handset makers are already purchasing components from China, so there needs be a compelling business driver for Chinese component makers to invest heavily locally," Vishal Tripathi, research director at Gartner India, told ET.
This investment comes at a time when states such as Uttar Pradesh, Telangana , Haryana etc are vying for Chinese investments and are luring them with developed land and skilled manpower.
UP secretary for information technology, Sanjiv Saran said the state will soon begin giving 200% refundable VAT (value-added tax) to companies for building manufacturing units in the state.
"We have created the most aggressive industrial policy and we have given approval to 2,500 companies in the last 18 months, half of them have started operations,” Sujai Karampuri, director of Telangana government's information technology department, told ET.
Devender Singh, principal secretary of IT and electronics in the Haryana government, said, “We are also offering special incentives for mega projects of more than Rs 100 crore.”
Advertisement
Bingshuang Chen, chief executive of Holitech Technology, said the company was waiting for research and development (R&D) expertise to grow in India.
"From our point of view, next year will be best time for us to enter the country...It (investment) could be as big as $1billion considering the requirement of facilities, equipment and all other technical aspects,” he told ET.
A high-level Chinese delegation is in India.
"If
Advertisement
UP secretary for information technology, Sanjiv Saran said the state will soon begin giving 200% refundable VAT (value-added tax) to companies for building manufacturing units in the state.
"We have created the most aggressive industrial policy and we have given approval to 2,500 companies in the last 18 months, half of them have started operations,” Sujai Karampuri, director of Telangana government's information technology department, told ET.
Devender Singh, principal secretary of IT and electronics in the Haryana government, said, “We are also offering special incentives for mega projects of more than Rs 100 crore.”
Advertisement
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market