Chongqing Machinery & Electric (02722) said it has approved the high-powered engine project of its joint venture Chongqing Cummins Engine Company Limited.
Chongqing Cummins will acquire a piece of land of 400 mu Pingchang Industrial Garden, Beibu New District, Chongqing, to build a high-powered engine research and development centre and manufacturing lines.
The total investment of the project is expected to be around Rmb1,528.5 million, of which Rmb1,398.6 million will be fixed asset investment and Rmb129.86 million will be working capital.
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