Heavy engineering PSU, Andrew Yule & Co, will invest Rs 250 crore in setting up two transformer manufacturing units in West Bengal and Tamil Nadu.
The company will invest Rs 100 crore for a transformer manufacturing unit in Thakurpukur near Kolkata and another Rs 150 crore in Chennai.
The company has tied up with a Russian firm for the Chennai plant which will produce high grade transformers.
Andrew Yule & Co manages more than 30 businesses which include jute mills, cotton mills, tea companies, coal companies, railway company, printing press and even a zamindari company in Midnapur district of West Bengal where the company promotes agriculture, forestry, fisheries, roads, schools, hospitals and dispensaries.