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 on 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 (NAICT), indicated that the group is exploring the possibility of investment in other sectors as well.
"At this moment, it's difficult to estimate the fund flows into Gujarat from Taiwan, but manufacturing facilities for several products are likely to be set up here," he said.
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The NAICT Chairman yesterday met Gujarat Chief Minister Narendra Modi and discussed potential sectors for investment, like automobiles, hi-tech financial banking services and ship building.
A high-powered trade delegation from Taiwan led by Economic Minister Christina Liu is scheduled to visit Gujarat for exploring investment opportunities, a top state official said.
"A delegation led by the NAICT Chairman has arrived here ahead of the proposed visit of the 80-member strong trade delegation from Taiwan to identify sectors and suitable investment opportunities in Gujarat," the state official said.
The delegation, which comprises investors and buyers from Taiwan's business and government sectors, will interact with business tycoons and state officials during its visit.
Some of the Taiwanese companies in the delegation are Delta Electronics, Winbond Electronics, TECO Electric and Machinery and Polaris Financial Group.