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Tata Group To Invest Rs 5,000 Crore In Tamil Nadu’s Hosur To Manufacture Phone Components
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In a positive development, the Tata Group is investing Rs 5,000 crore to set up a phone component manufacturing plant at Tamil Nadu's Hosur under a new company which has been named Tata Electronics, reports Hindu Businessline.
The Tata Group is reportedly availing the recently unveiled PLI (productivity-linked incentive) scheme of the Modi government aimed at turning India to a global electronics manufacturing powerhouse
It is believed that the facility will be used by Tata Group to manufacture components for Apple Inc which is looking to expand its sourcing base from China. It should be noted that one of Apple Inc's largest contract manufacturers Foxconn already has a facility in the State's Sriperumbudur area outside of Chennai.
Tata Electronics' all-new facility will come up on an area of 500 acres which has been allotted to the company by Tamil Nadu Industrial Development Corporation (TIDCO). The bhoomi puja for the same was held on yesterday (27 October).
The investment in this facility could be further scaled up to Rs 8,000 crore depending on the level of sourcing from the facility.
The project brings along a huge employment generation capacity as by October 2021, the facility will have a staff strength of 18,000 people. the company has decided that 90 per cent of this staff size will be women.
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