On October 20, China's Irico Group began 5G TFT-LCD (Thin Film Transistor Liquid Crystal Display) glass substrate production in Xianyang, Shaanxi Province, Shanghai Securities News reported. Construction on the production line, reportedly the first glass substrate manufacturing facility operated by a Chinese company, was initiated in January 2007. With an initial investment of 800 million RMB (US$116.77 million; US$1=6.85 RMB), the line is projected to manufacture 750,000 square meters of glass substrates per year. As the first-phase project has begun operations, Irico expects to initiate the second-phase project soon. The company plans to set up three more 5G or newer-generation glass substrate lines, with the overall production capacity estimated at 2.25 million square meters annually.