Videocon to expand in EU, plans LCD plant in Poland

Warsaw: Videaocon Industries, which had bought a TV tube and screen plant from the French group Thompson in 2005, is now poised to expand its presence in the European market from its base in Poland.

Videocon industries is willing to invest $7 billion to set up a liquid crystal display (LCD) plant in Poland and the management is slated to talk with Polish authorities “in the coming days”, a senior company executive said.

The new plant can be up and running within two years and would employ around 3,000 people.

“We have to update our products as the technology is constantly changing and changing very fast. The buyer wants the latest model with a reasonable price,” said Videocon Industries vice president Arvind Bali.

“We are also in a process of investing further $1.7 billion to modernise our present venture at Piaseczno, on the outskirts of Warsaw. Soon we will have a workforce of 15,000 employees. Our aim is to expand our presence in the European market. Poland is now the very centre of the European Union, geographically speaking. The strategic location of Poland and a technically equipped work-force prompts us to expand our ventures,” added Mr Bali. — IANS