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Videocon to invest Rs 550 cr to double output
PRESS TRUST OF INDIA
New Delhi, Aug 4: Consumer electronics major Videocon said on Friday that it will invest Rs 550 crore over the next one year for its doubling colour television (CTV) and component production capacities. The company, which has decided not to enter the proposed joint venture with Chinese company Onwa for CTVs, will instead invest Rs 150 crore in adding a one million per annum CTV production capacity at its Aurangabad plant, a senior Videocon official said."We have chalked out major plans for the expansion of our Indian operations. This will mean an investment of Rs 550 crore over the next one year," Videocon International Ltd chairman VN Dhoot said. He said that the proposed joint venture with Onwa did not materialise since the quality of Chinese products did not meet Videocon's standards. "Instead, we have extended our association with Japanese major Toshiba," Dhoot said. Videocon markets the Toshiba brand of consumer electronics presently. Japanese technology will be incoporated in the new CTV plant at Aurangabad, which will be inaugurated by Toshiba Corp's vice-chairman later this month. Dhoot said that an investment of Rs 400 crore will be put into doubling the glass shell plant capacity. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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