Taiwanese electric motor manufacturing major TECO group today said it will set up a large electric motor plant near Vadodara soon.
“We shall be setting up a large electric motor manufacturing facility in Gujarat. Motor manufacturing is just one thing, we are thinking of many other businesses here,” TECO Group Chairman Theodre M H Huang told PTI.
However, he refused to divulge the proposed investment for the plant. “The manufacturing plant is expected to come up in Savli industrial estate near Vadodara,” a top state official said.
Huang, who is also Chairman of National Association of Industry and Commerce of Taiwan (CNAICT), indicated that they are exploring possibility of investments in other sectors as well, besides motor manufacturing.
“At this moment its difficult to estimate the fund flows into Gujarat from Taiwan, but manufacturing facility for several products are likely to be set up here,” he said.
The CNAICT Chairman yesterday met Gujarat Chief Minister Narendra Modi and discussed the potential sectors for investments like automobiles, hi-tech financial banking services and ship building. A high-powered trade delegation from Taiwan led by its Economic minister Christina Liu is scheduled to visit Gujarat for exploring investment opportunities, a top state official said.