(Yicai Global) June 11 -- Chinese electrical hardware maker Jinlihua Electric will build a factory in central Brazil to produce tempered glass insulators for electric cables amid increasing demand from China-Brazil power grid projects.
Jinlihua Electric will invest CNY25 million (USD3.9 million) in the new plant, the Zhejiang-province based firm said, adding that annual capacity will reach one million units.
The project is expected to boost annual profit by CNY13 million on operating revenue of CNY90 million, the statement added. Building work should begin in October next year and complete a year later.
The two countries started to build Brazil's longest chain of power transmission lines in the northern region of Belo Monte last September. The Belo Monte UHV DC Transmission Project brings new market opportunities for China's electrical equipment producers. China's State Grid was awarded a contract to build and operate two transmission lines for the project.
Editor: Emmi Laine