(Yicai Global) Sept. 14 -- Zhejiang Chenfeng Technology will set up a joint venture in India with a local natural person to break into the Indian and South Asian markets.
ZCT plans to create a subsidiary holding company in India with an individual partner named Kirty Dungarwal, the lighting fixture maker based in Haining in the eastern Chinese province of Zhejiang said yesterday. The JV will have registered capital of USD30 million, with ZCT contributing USD29.97 million or 99.9 percent, and the Indian shareholder chipping in USD30,000 or 0.1 percent.
The JV will research, develop, manufacture and distribute lighting fixtures and accessories, automotive lighting products, electronic goods and electronic components and ply import and export businesses in India, the announcement said without elaborating.
The announcement offered little background information about Dungarwal, other than that this person lives in New Delhi, currently serves as a director at Indiglow Automobiles, and holds a bachelor's degree in business.
ZCT hopes to seize the opportunities of the growing local economy and connectivity projects in the Bangladesh-China-India-Myanmar region to help unleash the huge potential of the local lighting market, the announcement said in explaining why the company desires a presence in India.
Editor: Ben Armour