- Under Make In India program, Tata all set to invest ₹5,000 cr to set up Phone component plant in Tamil Nadu.
- According to the report, the Tata groups new company Tata electronics has been allotted 500 acres by Tamil Nadu Industrial Development Corporation, this new plant will manufacture iPhone and other smartphone components.
The Tata Group all set to investing ₹5,000 crores to set up a phone component manufacturing plant at the industrial complex in Hosur, Tamil Nadu, according to a report by The Hindu BusinessLine.
According to the report, the Tata groups new company Tata electronics has been allotted 500 acres by TIDCO(Tamil Nadu Industrial Development Corporation), and the Bhoomi puja was performed on 17 November.
Neither the Tata company nor the Tamil Nadu government offical confirms the development, but reliable sources said the unit will be manufacturing components for Apple, which is looking to diversify its sourcing base from China.
Currently, Apple and its manufacturer partners did not confirm anything about this plan and investment, and the official Tata spokesperson also added that – The new plant has been set up to build an electronics ecosystem in India. It is not about any particular client.
There are also reports that other leading international manufacturers, including Pegatron and Wistron, are looking to invest in the State, which could potentially be an alternative to China in the long run. The Tamil Nadu government recently released the new Tamil Nadu Electronics Hardware Manufacturing Policy 2020 and has set an ambitious target to increase electronics industry output in the state to $100 billion by 2025.
In the Policy, the Tamil Nadu government proposes to promote the Electronics manufacturing clusters (EMC) across the state by 2023, by providing single-window clearances to all project proposals. Some of the proposed EMCs include a greenfield unit in Hosur.