Business
More iPhone Manufacturing Moves To India As Japan's TDK Plans To Invest Rs 6,000-Rs 7,000 Crore In Haryana For Lithium-Ion Plant
TDK, Japanese multinational electronics company.
In a significant development, TDK, a major supplier of lithium-ion cells to Apple, is set to establish a state-of-the-art battery plant in Haryana, according to Minister of State for Electronics and IT, Rajeev Chandrasekhar.
As reported by Hindustan Times, the Japan-based company is expected to invest Rs 6,000-Rs 7,000 crore in phases to build the facility, covering 180 acres in Manesar, Haryana.
Once fully operational, the plant is anticipated to employ around 7,000-8,000 people, contributing significantly to job creation in the region.
The move to locally produce lithium-ion battery cells is expected to enhance the domestic value addition in Apple's products, marking a significant step towards the 'Make-in-India' initiative.
According to industry sources, TDK is currently awaiting environmental clearance to commence production.
The company's investment is poised to reinforce India's position in the global supply chain for electronic components and contribute to the growth of the manufacturing sector.
TDK's acquisition of China-based lithium-ion battery manufacturer Amperex Technology Ltd (ATL) in 2005 has paved the way for the company's expansion into the energy sector.
ATL, with a presence in India through its subsidiary Navitasys India Private Limited, was engaged in the manufacturing and sale of rechargeable battery packages from its base in Bawal, Haryana.
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