Beijing, Aug 20 (IANS) China CRRC Corporation Ltd., the country’s largest high-speed train maker, announced on Saturday that its first joint venture plant in India has started operations.
It is the first time that China’s high-speed train maker is opening a plant in South Asia, home to one of the world’s most comprehensive rail system, Xinhua news agency reported.
The joint venture, named CRRC Pioneer (India) Electric Co. Ltd., is housed in Baval district of Haryana.
The total investment in the project is $63.4 million, and the Chinese side holds 51 per cent of the share.
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 the country.
CRRC Vice President Yu Weiping said the new plant will create jobs and generate tax revenues for local people and help improve infrastructure.
It will advance cooperation in industrial capacity and local equipment manufacturing, he said.