CETC Renewable Energy Technology Company, an ancillary of China Electronics Technology Group, will set up a mega solar manufacturing plant in Andhra Pradesh with an investment of $50 million. This was announced by the state government on Thursday.

It has signed an MoU in this regard with the Andhra Pradesh Economic Development Board (APEDB).

CETC will make the investment in a Solar PVC Manufacturing park coming up on about 18 acres in Sri City in Chittoor district. This investment is expected to create about 1500 jobs. Once the project is completed, the state government is likely to earn $8 million in taxes every year.

APEDB stated in a statement on Thursday that the MoU was signed by J. Krishna Kishore, Chief Executive Officer, APEDB and Xin Xiao, Director CETC Renewable Energy Technology Company in New Delhi on Wednesday, on the sidelines of the curtain raiser ceremony of CII Partnership Summit to be held in Vishakhapatnam next month. Union Commerce and Industries Minister Suresh Prabhu was also present.

CETC, headquartered in Beijing, is a Fortune Global 500 company, and CETC, which includes 18 national key laboratories, 10 national research and innovation centers and a workforce of 1,50,000 employees, is the largest electronic conglomerate in China.

"CETC finds synergies in investing in Andhra Pradesh as the state is embarking on a next phase of industrialization, Andhra Pradesh is poised to catalyze investments in electronics manufacturing owing to robust infrastructure for connectivity, Aenabling policies, integration with global value chains and a skilled and ready workforce," said Kishore.

Andhra Pradesh commands 20% of India's electronics and hardware and is poised to reach a market share of 50% by 2020.

“Focus on innovation and networked excellence, scalable partnerships and a robust investment climate makes Andhra Pradesh a preferred destination for electronics and hardware manufacturing,” an official press release stated.