Tata Electronics plans Rs7,000-cr expansion of Hosur plant
10 Jan 2024
Tata Electronics has proposed to invest Rs7,000 crore for expanding production capacity at its Hosur plant. The proposal, which comes after the company’s acquisition of Wistron’s plant in Malur, could include setting up a unit to assemble Apple iPhones.
The expansion will generate 30,000 jobs, reports quoted a top official from Tamil Nadu government as saying at the Global Investors Meet in Chennai.
The Tamil Nadu government has signed memoranda of understanding (MoU) for investment worth over $4.39 billion with firms such as Tata Electronics and Pegatron, as well as auto major Hyundai Motors, according to reports.
The Tata Group plans to make the investment over the next six years. Apple is counting on Tata Electronics and its Taiwanese suppliers as it diversifies manufacturing away from China.
Tata Electronics has committed to invest Rs12,080 crore in its mobile phone assembly facilities, the state government said during the signing of the agreements.
"The Tamil Nadu government will support investors in every way possible," Chief Minister M. K. Stalin said at the event.
Apple's Taiwan supplier Pegatron will also invest Rs1,000 crore to expand production, the government added.
Tata Electronics is the first Indian company to become a contract manufacturer for Apple iPhones.
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