Tata Group will invest Rs 5,000 crore to set up a phone component manufacturing plant at the industrial complex in Hosur, Tamil Nadu, according to a report by The Hindu BusinessLine. Tata Electronics has been allocated 500 acres by the Tamil Nadu Industrial Development Corporation. The investment will be increased depending on the level of sourcing from the facility and may even touch Rs 8,000 crores. Sources further add the plant will manufacture phone components for Apple, as the company is increasingly looking towards India as a new base.
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Titan Co Ltd’s precision engineering division and Titan Engineering and Automation Ltd will provide its support for the project. The new plant is said to have a total staff of 18,000 by October 2021 and 90 percent of it will be women. However, Tata Group and Apple have not commented on the matter. Tata group is said to be leveraging on the incentive scheme that the Modi government has announced to strengthen the manufacturing base. The presence of companies like Foxconn, Flex, Samsung, Nokia, Dell, Motorola, and others worked out well for Tamil Nadu that recently released an Electronic Hardware Manufacturing Policy 2020 and aims to increase electronic industry output to $100 billion by 2025.
Reports suggest other leading manufacturers, including Wistron and Pegatron, are also planning to invest in Tamil Nadu state, which seems to have the potential to become an alternative to China in India in the long run.
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