One of China's leading household appliance suppliers is mapping out a new blueprint for foreign direct investment in India, a senior company official has said.
Following its first manufacturing investment project in Vietnam, Midea Group will set up another in Russia and is studying the feasibility of setting up a third overseas manufacturing facility in India, 'China Daily' reported.
Midea is also stepping up feasibility studies of a manufacturing project in India, CEO of Midea's daily electronic appliance division, Zhang Hechuan said.
The group's Vietnam project, with an investment of $25 million, had recently started trial operations.
The facility specialises in
the production of induction cookers and electric cookers.
The overseas investment projects are also expected to help the firm shun international trade barriers, including anti-dumping moves against products from China.
The appreciation of the Chinese currency makes the investment more cost-effective, Hechuan added.
The company aims to see total sales of $12.33 billion by 2010.
The overseas sales revenue of the company is expected to reach $2.5 billion this year, up 25 per cent year-on-year, the report said.
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