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CETC Renewable Energy Technology Company, an ancillary of the diversified China Electronics Technology Group has signed a memorandum of understanding with the Andhra Pradesh Economic Development Board to set up a solar photovoltaic cell manufacturing plant in Chittoor district of Andhra Pradesh.
Beijing head quartered CETC is a Fortune Global 500 company, and includes 18 national key laboratories, 10 national research and innovation centres and a workforce of 150,000 employees. It is one of the largest electronics conglomerate in China.
Andhra Pradesh Economic Development Board, as single point of contact for trade, investments and partnerships in AP, facilitated the transaction.
As per the agreement, CETC will invest $ 50 million in a Solar PV (photo voltaic) Cell manufacturing park in Sri City, Andhra Pradesh.
Spread over a 18-acre site in Sri City, the project is expected to generate employment for 300 people in the first phase and about 1,500 total jobs in a phased manner.
The Andhra Pradesh Government is likely to earn $ 8 million in taxes per year once the project is completed.
J Krishna Kishore, Chief Executive Officer, Andhra Pradesh Economic Development Board and Xin Xiao, Director CETC Renewable Energy Technology Company inked the MoU in New Delhi on Wednesday, on the sidelines of the curtain raiser ceremony of CII Partnership Summit to be hosted in Vishakhapatnam next month.
Suresh Prabhu, Union Commerce and Industries Minister, was present.
Kishore in a statement said “CETC finds synergies in investing in Andhra Pradesh as the state is embarking on a next phase of industrialisation.”
Last year, the Union Ministry of Electronics and Information Technology had approved the State's proposal to set up a Greenfield Electronics Manufacturing Cluster in Chittoor district, which is India’s first electronics cluster.
State Chief Minister N. Chandrababu Naidu has allotted 113.27 acres of land for the new cluster and the cluster is anticipated to be developed at a cost of Rs 104 crore and create around 50,000 jobs a year.
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