Guangdong Yizumi Precision Machinery Co. Ltd. has set up a joint venture in India.
The new entity, Yizumi Precision Machinery (India) Pvt. Ltd., is registered in Ahmedabad, Gujarat, with $3 million of registered capital. Yizumi holds controlling ownership with a ratio of 9:1 with Indian partner Varadan Ramesh.
Yizumi said the new operation will manufacture injection molding machines and die casting machines. The company didn't specify the schedule to start construction in the financial filing.
The company said the move fits into China's “One belt, one road” strategy and will accelerate its global expansion.
Yizumi has been looking into establishing operations in India since early 2013. It set up a technical center in India later that year, but mainly for die casting machines.
Yizumi CEO Richard Yan also told Plastics News last year that he planned to set up a factory in India by the end of the year, in response to India's renewal of antidumping tariffs on Chinese-made injection presses.