China to invest over $5 billion in 2 business parks in Maharashtra, Gujarat.

A day after Japan announced investments to the tune of $35 billion in India, China has said that it would set up two industrial parks-one each in Maharashtra and Gujarat involving investments in excess of $5 billion. China would invest $5 billion in the industrial park in Pune alone, which would focus on automobile manufacturing, in phases over the next decade.

The agreement on setting up industrial parks would be signed when Chinese President Xi Jinping visits India later this month, said the Chinese Consul-General in Mumbai, Liu Youfa. While the Pune park would have an area of about 6 sq km, the park that would come up near Ahmedabad in Gujarat would encompass an area of around 10 sq km and would require investments in excess of $1 billion.

The Ahmedabad park would focus on power transmission and generation equipment manufacturing, Youfa, who was in the city to participate in a programme organized by the Southern India Mills' Association, said. The first phase of the Pune park, which would be completed in three years, would see investments to the tune of $500 million, he said.

TOI