Chinese firm TBEA plans Rs 500-cr FDI in Gujarat

Chinese power equipment maker TBEA plans to make a foreign direct investment of Rs 500 crore as part of setting up a Rs 2,500 crore Green Energy Park in Gujarat.

A Memorandum of Understanding (MoU) towards establishing the park was inked between TBEA Energy (India) and the Gujarat government here today.

"TBEA Energy [India] is proposing an FDI investment of Rs 500 crore during the first phase of a three-phase 'TBEA Green Energy Park' project with a projected total investment of Rs 2,500 crore," according to a press release.

The MoU was signed in the presence of Commerce and Industry Minister Anand Sharma and a Chinese delegation, when they called on the Minister.

 

"The first phase of the project consists of building 'TBEA Ultra High Voltage Transformer Plant," the release said.

The Gujarat government would help TBEA in obtaining necessary permissions and registrations as well as in availing incentives, wherever applicable.

TBEA, which is present in India through its Gurgaon-based subsidiary TBEA Energy (India), is into making of transformers, high-voltage electric aluminium foil and assembly base on key parts of solar energy equipment, among others.