ING Beijing yesterday announced its first project since it raised $540 million in May through a share placement and Hong Kong listing. It is injecting $5.3 million to establish a joint venture with Far East Instrument Corp (FEIC), a Sino-foreign joint venture. The investment will become a 35 per cent stake in the joint venture. FEIC's 65 per cent interest comprises the value of its production facilities and assets. Funds will be used to upgrade and expand existing FEIC production in the manufacture of industrial control systems, communications equipment, electronic and electric meters and related products. ING will continue to seek potential Beijing investments on the advice of the the city's official consulting agency. FEIC is one of the leading manufacturers of these types of instruments on the mainland. There are plans to capitalise on FEIC's business, further expanding its domestic and international market share. Legal procedure for the joint venture's establishment is almost complete. ING directors expect dividends from this and additional projects this year.