Huawei to invest $2 bn in 5 years, set up India plant
Huawei, China’s leading telecom equipment manufacturer, has announced it will invest $2 billion (about Rs 8,900 crore) in India over the next five years to set up local manufacturing base, an R&D centre and other activities.business Updated: Dec 14, 2010 22:41 IST
Huawei, China’s leading telecom equipment manufacturer, has announced it will invest $2 billion (about Rs 8,900 crore) in India over the next five years to set up local manufacturing base, an R&D centre and other activities.
The announcement comes on the eve of Chinese Premier Wen Jiabao’s three-day visit to India starting Wednesday.
“As an integral part of Indian telecom industry development and an active player serving all telecom service providers, Huawei India strives to be the long-term partner for the development of India’s telecom and IT industry and inclusive growth,” said Max Yang, CEO, Huawei India.
The new R&D campus would be set up in Bangalore, the company said in a statement.
In last two years, Huawei has emerged as a leading vendor in the country. It has bagged orders from almost all the private players for setting up GSM and 3G networks.
Huawei has struggled to get a toehold in India as the government had raised security concerns about foreign telecom companies, including Chinese.
It was only recently that it was allowed to bid to supply equipment to Indian telecom service providers after it agreed to meet guidelines including sharing the source code.
ADAG gets $3bn in China loans
China development Bank (CDD) will extend a loan of $1.9 billion (about Rs 8,455 crore) to ADAG firm Reliance Communications. “We will use $1.3 billion (Rs 5,800 crore) for refinancing of 3G spectrum and the rest for buying equipment from Huawei and ZTE,” an RCom spokesman said.
ADAG firm Reliance Power has also got final approval for a Rs 5,000 crore loan from Chinese banks for its 4,000-MW power plant in Sasan. The financing letters will be exchanged on Wednesday in New Delhi.
HTC, mumbai/New Delhi
First Published: Dec 14, 2010 22:10 IST