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Sri Nahusha, TCL to set up joint venture
HYDERABAD: Sri Nahusha Electronics Private Limited and TCL India Holdings Private Limited on Thursday announced plans to set up a Rs. 100-crore joint venture at Visakhapatnam to manufacture consumer electronics and consumer durable goods.
The details of the joint venture were announced in the presence of the Chief Minister, Y. S. Rajasekhara Reddy at a press conference here. Mr. Reddy declared a five-year sales tax exemption and allotment of 25 acres at Government prices for the proposed facility. The Major Industries Minister, B. Satyanarayana, the Managing Director of Sri Nahusha Electronics, M. D. Prasad, and the Vice-President, sales and marketing, TCL India, A. Gopal Krishna, were also present. Sri Nahusha will hold 76 per cent equity and the balance by TCL India, a 100 per cent subsidiary of $4 billion TCL Corporation, China. The Chief Minister expressed his happiness that the unit was coming up at Visakhapatnam. Mr. Gopal Krishna said that Sri Nahusha had already firmed up with financial institutions for raising the capital for the project.
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