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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (5232)	8/1/2005 8:02:54 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

L&T unit in China High-end switchgears will be produced WUXI: CHINA: Larsen & Toubro (L&T), the Indian engineering and technology conglomerate, on Monday announced its first manufacturing facility abroad in China with an investment of $11 million to make high-end switchgears in the eastern city of Wuxi. L&T will establish a wholly-owned foreign enterprise (WOFE) in the Wuxi New District, a national level hi-tech industrial park, in Jiangsu province, to manufacture high-end air circuit breakers. The company signed a memorandum of understanding (MoU) with the Wuxi New District for establishing the greenfield manufacturing project. "To be built on a 30,000 sq. m. plot, the factory, with state-of-the-art facilities, will manufacture and test low voltage switchgears. Air circuit breaker is part of L&T's expansive range of electrical and electronic products,'' President and Member of the Board of L&T, R. N. Mukhija, said. "We intend to manufacture a range of products here in China. These air circuit breakers of our own design evolved over the last 40 years,'' he said, assuring the Chinese that L&T products were among the best in the world. The Chief Representative of L&T's Shanghai office, Rodney Pereira, who signed the MoU on behalf of Mr. Mukhija, who could not be present in Wuxi due to the cancellation of air services from Mumbai, noted that L&T had already opened representative offices in Beijing and Shanghai and views China as a key market for the company's global ambitions. "With the establishment of the Wuxi manufacturing facility, we plan to ram up our operations in China,'' Mr. Pereria said noting that Wuxi New District already had some 40 multinational companies from Fortune 500 companies. Congratulating L&T for investing in WND, Wuxi Mayor, Mao Xiaoping, promised to extend all assistance from the local government and hoped that L&T's venture would be followed by other Indian companies who were planning to start manufacturing operations in China. The Consul General of India in Shanghai, Sujan Chinoy, said L&T 's presence in Wuxi marked the first investment by an Indian company in the manufacturing sector in Wuxi. "The success of this venture will pave the way for other Indian companies to enter the Chinese market,'' Mr. Chinoy said while noting that Wuxi was at the forefront of China's economic transformation as well as the extraordinary development of the Yangtze River Delta. "I am confident that the L&T venture in Wuxi will receive the fullest support and cooperation of the concerned authorities,'' the Consul-General hoped. Mr. Pereira, who signed the MoU with the Chairman and President of WND, Zhou Qian, said the setting up of the new factory was part of L&T's overall plan to have multiple engagements with China. PTI hindu.com