Tata Electronics, which is best known for becoming the first Indian company to manufacture Apple iPhone along with giants like Taiwan’s Foxconn and Pegatron. The company is preparing to make a huge investment of Rs 7,000 crore in the expansion of its Hosur plant. According to a high-ranking official of Tamil Nadu Guidance, this important expansion is expected to create around 30,000 employment opportunities.
Although the specific amount for the MoU has not been disclosed during the upcoming Global Investors Meet, it is clear that Tata Electronics aims to significantly scale up its operations. Reports suggest that following the recent acquisition of Wistron’s iPhone assembly plant in Malur, this expansion may include setting up a facility dedicated to assembling Apple iPhones.
This investment will be made over a period of six years. Last November, Tata Electronics held the distinction of being shortlisted by Apple to serve as a vendor, signaling Apple’s intention to diversify its manufacturing beyond China. Tata Electronics joining industry giants Foxconn and Pegatron as iPhone contract manufacturer is a significant achievement for an Indian company in the global tech manufacturing landscape.
In related news, Singapore-based companies are also set to sign MoUs worth Rs 31,000 crore with the Tamil Nadu government during the Global Investors Meet. Singapore’s High Commissioner to India Simon Wang is leading a delegation comprising officials and 60 business representatives at this prestigious event.
Singapore and its associated businesses are focusing on increasing economic cooperation with Tamil Nadu. His emphasis includes expanded investment in the state’s green economy, sustainability sector and infrastructure development. Specifically, this includes initiatives such as data centres, IT parks and logistics, which is a promising step towards mutual growth and development.