Beijing: China largest high speed train maker on Saturday announced the launch of its first joint venture plant in India with $63.4 million investment to manufacture and repair railway locomotives, a media report said.
It is the first time for China's high-speed train maker CRRC Corporation Ltd to open a plant in south Asia where one of the world's most comprehensive rail system spans.
The joint venture, named CRRC (China Railway Rolling Stock Corporation) Pioneer (India) Electric Co Ltd, is housed in Bavo Industrial District of Haryana between New Delhi and Bombay.
Total investment is $63.4 million and the Chinese side holds 51 percent of the share, state-run Xinhua news agency reported.
The India plant will repair and manufacture railway locomotive engines.
It will also provide technology support to India's rail system, and supply electric transmission systems to oil drilling, wind power generation and mining equipment making in India, the report said.
CRRC Vice President Yu Weiping said the new plant will create jobs and tax revenue for local people and help improve infrastructure.