Chinese companies entering India..?!

It has been reported that China's leading tv and home appliance manufacturer Hisense Group is planning to acquire a majority stake in Epack Manufacturing Technologies, a subsidiary of Epack Durable. Since the military clashes between the two countries on the India-China border, the central government has been putting a huge damper on Chinese investments. However as the country's economic growth started to slow down in the last quarter, it was reported that the central government has decided to bring relaxations in allowing Chinese investments to improve the country's trade and manufacturing sector. Meanwhile, JSW Group has formed an alliance with China's SAIC Motors and laid the foundation for the development of MG Motors in India, and many Chinese companies are currently planning to invest in the same path and are working on it. Based on this, Hisense Group is currently investing in Epack Durable's company.
This company is currently working on setting up a large-scale manufacturing facility in Sri City, Andhra Pradesh. China's Hisense Group has decided to buy up to 26% stake in this important company and is in talks for the same. Various types of products including air conditioners, refrigerators, washing machines, and small home appliances will be manufactured under the Hisense brand in this new factory. ajay D.T. Singhania, Managing director of Epack Durables, confirmed this information. Also, a component manufacturing park is planned to be set up near the factory, which will further strengthen Hisense's presence in India. The joint venture formed to set up the factory is Epack Manufacturing Technologies, in which China's Hisense Group has decided to buy up to 26% stake. The joint venture marks a shift in the indian government's approach to allowing foreign companies, especially Chinese ones, to work with local companies. Other Chinese companies like MG Motor, Vivo, and Haier are actively taking steps to expand production by partnering with indian companies. Hisense Group is expected to get the necessary approvals from the central government soon to make foreign direct investment (FDI).
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Sowmiya Sriram

25/12/2024 10:24 AM