ZTE Corporation, China’s largest telecom equipment manufacturer and wireless solutions provider, has sought the approval of the Foreign Investment Promotion Board to invest Rs 1 billion in India. The investment is to be made through its arm, ZTE Telecom India Corporation, for funding its expansion, which includes imports of telecom products and setting up of service centres. To date, ZTE has invested over Rs 50 million in India. It has a paid-up capital of Rs 9.2 million, which it expects to increase by allotting additional shares worth Rs 50.5 million.
