New Delhi: China's Tiens Group said on Tuesday that it is planning to set up a manufacturing plant in India to make healthcare, wellness and nutritional products to tap into the huge local market potential.
The company, which had recently invested $20 million in Vietnam to set-up a wholly owned manufacturing unit, did not share details about the proposed facility. Tiens said however that its commitment to India over the next couple of years would be on a similar scale. "We are planning to set up a manufacturing facility in India in next three years as India's potential as a market is very huge," Tiens Group's Chief Financial Officer Wendy Li said. She said Tiens plans to have a manufacturing base here as the country produces a large number of raw materials that would enhance the group's cost efficiency.
Economic environment is also very friendly here, Li added. When asked about investment on the proposed plant, she said: "We recently invested over $20 million in Vietnam to set-up a fully owned manufacturing unit. Our commitment for India over next couple of years is similar."
India is extremely rich in natural herbal resources and the group is appreciative of that, she added.
"We wish to take the richness of Indian herbs to newer geographies and help global citizens consume them and derive benefits," Li said.