Alps Electric Co, a Japanese multinational corporation, is planning to invest an additional 1 billion yuan ($149 million) in its branch unit based in Wuxi's Xinwu district.

Headquartered in Tokyo, Alps Electric is a leading electronic components manufacturer, supplying more than 40,000 components to around 2,000 companies worldwide.

In light of the rapid growth of its business in Wuxi, Alps Electric has been increasing its investment in the city in recent years.

Construction on a new production facility in Wuxi has begun and is expected to be completed in January 2018, according to Toshihiro Kuriyama, president of Alps Electric.

In 2016, the company's Wuxi branch generated 2.5 billion yuan in revenue. This could increase by a further 60 percent year-on-year once the additional investment has kicked in, the company estimates.

Wuxi's mayor, Wang Quan met with Kuriyama on August 2 and said he was delighted with Alps Electric's decision to expand its presence in the city.

Wuxi has now entered a critical stage in its drive to transform and upgrade its industry, and is eager to strengthen cooperation with advanced manufacturing companies like Alps, said Wang.

He also pledged that the local government will continue to support Alps'development in the city.