Monday, June 14, 2010

India manufacturing in Q3 & New Chinese Credit Lines

Looks like things are starting to move. On the back of closing the building sale, UT has obtained a 2Billion Yuan minimum credit line over 3 years, with a minimum of 1 Billion the very first year.

In other news, Peter Blackmore has been giving some interviews in India and looks like they have gotten a local joint venture partner and plans to manufacture in India as early as Q3.

"While UTStarcom has already identified an Indian joint venture partner, Israel-based Alvarion is charting out its plans."

Speaking to Business Line, Mr Peter Blackmore, UTStarcom's Global CEO and President, said, “We had already made plans to manufacture in India, we are now accelerating these plans. Once we do that, we would have largely addressed the security problems. We want to comply with the Indian laws and if we set up a manufacturing here, then the debate is over.”

"The US-based company, which will soon shift its operational headquarters to China, plans to start production with an Indian partner in the third quarter.
Mr Blackmore did not reveal the name of the partner or the investment details."