The Gujarat Government has signed an MoU with China’s Tebian Electric Apparatus Stock Co (TBEA) for a green energy park project in Gujarat.
Initially, TBEA will invest $100 million (approx Rs 490 crore) in the project while TBEA (India) will invest an additional $300 million (approx Rs 1,470 crore) in the next two to three years in the project. The Phase I of the project consists of building TBEA ultra high voltage transformer plant and production is expected to start in 2012. TBEA’s move follows PGCIL’s decision to make it mandatory for overseas equipment suppliers to have factories in India to participate in its tenders. The directive ruled out imports from China. TBEA has been a major supplier of transformers and reactors to the Indian transmission sector.