TCL to invest Rs. 225 cr in Telangana-based Resojet

Hyderabad: Telangana’s homegrown company Resojet has entered into a memorandum of understanding with TCL for forging a joint venture. The joint venture will set up a consumer electronics manufacturing facility. The MoU was signed in the virtual presence of industries minister K T Rama Rao.

TCL Electronics Holding Limited is one of the largest consumer electronics manufacturing companies in the world based out of Hefei, China. The proposed facility in Telangana would be TCL’s first overseas facility for manufacturing of washing machines. It would further expand to manufacturing of other consumer appliances including refrigerators and dishwashers.

The upcoming Resojet’s facility will be set up in E-City, Raviryal and would entail an investment of Rs 225 crores with employment generation potential of over 500 people in Phase 1.

 “Telangana is proud to witness yet another milestone for our homegrown company Resojet as they expand their operations in the State. We are delighted to welcome TCL to Telangana. This investment is a testament to the State’s efforts towards creating a conducive ecosystem for high technology manufacturing and reinforces Telangana’s position as a frontrunner in electronics manufacturing in India,” said Rama Rao.

Raminder Singh Soin, Group Chairman of Resolute Group of Companies, said “the proposed joint venture shall propel India’s electronics growth story and will further boost the electronics manufacturing ecosystem in Telangana State.”

Resojet chief executive officer Gopal Krishna and Electronics director Sujai Karampuri were also present, a release said.