CETC Renewable Energy Technology Company, an ancillary of China Electronics Technology Group, will set up a mega solar manufacturing plant in Andhra Pradesh with an investment of $50 million, it was announced on Thursday.
It has signed an MoU in this regard with the Andhra Pradesh Economic Development Board (APEDB).
CETC will make the investment in a Solar PVC Manufacturing park coming up on about 18 acres in Sri City in Chittoor district. This investment is expected to create about 1500 jobs. Once the project is completed, the state government is likely to earn $8 million in taxes every year.
CETC, headquartered in Beijing, is a Fortune Global 500 company, and CETC, which includes 18 national key laboratories, 10 national research and innovation centers and a workforce of 1,50,000 employees, is the largest electronic conglomerate in China.
