Hong Kong stock exchange-listed consumer electronics major TCL Electronics Holding plans to establish a washing machine manufacturing unit in joint venture with home-grown Resojet in Telangana.
For TCL, which is based out of Hefei, China, this would be its first overseas manufacturing facility for washing machines and over time likely to be expanded to make other consumer appliances, including refrigerators and dishwashers. As a step towards the manufacturing joint venture, Resojet and TCL have entered into a memorandum of understanding.
The proposed facility will be set up in E-City, Raviryal, near Hyderabad and entail an investment of ₹225 crore. In the first phase, it is expected to generate jobs for over 500 people, Industries and IT Minister K.T.Rama Rao’s office said in a release on Wednesday. The Minister participated virtually in the MoU programme.
Welcoming TCL Electronics Holding and appreciating Resojet, which is part of Resolute Group of companies, for expanding operations in the State, Mr.Rama Rao said the investment is a testament to the State’s efforts towards creating a conducive ecosystem for high technology manufacturing. It reinforces Telangana’s position as a frontrunner in electronics manufacturing in India. The Minister shared his vision for transforming Hyderabad as the Shenzhen of India and invited TCL Group CEO Juan Du and the firm’s team to visit Telangana and witness the enabling infrastructure and ecosystem in the State.
Director-Electronics of Telangana Sujai Karampuri, Resojet CEO Gopal Krishna and chairman of Resolute Group of Companies Raminder Singh Soin participated in the programme. “The proposed JV will propel India’s electronics growth story and further boost electronics manufacturing ecosystem in Telangana,” Mr.Soin said.
