Irico Group Corporation, the biggest state-owned color display device producer based in Xianyang City, Shaanxi Province, will invest 1.3 billion yuan (166 million U.S. dollars) in the project.
"The company will build a production line for thin-film technology (TFT) LCD glass with an annual capacity of 750,000 square meters in the first stage," said Xing Daoqin, general manager of the company.
The first stage will be completed in 12 months at a cost of 700million yuan (89 million dollars).
"The plant will break the monopoly of foreign enterprises and end China's history of relying on imported TFT-LCD glass," said Vice Minister of Information Industry Lou Qinjian at the ground-breaking ceremony.
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