China's largest beverage producer Hangzhou Wahaha Group Co Ltd is planning to set up a new factory to expand the production of industrial robots as part of a business transformation.

The value of the investment was not revealed, but Chairman Zong Qinghou told China Daily the figure could be significant.

"Besides sticking to our main business of beverages, we will largely develop intelligent manufacturing to promote our company's business transformation and upgrading," said Zong, who ranked fourth in the mainland on the 2015 Hurun Rich List, with a personal wealth of 120 billion yuan ($18.57 billion).