CHENNAI: Tata Group will be setting up a phone component manufacturing plant at the industrial complex in Hosur. According to reports, an electronics plant will be set up on a 500-acre land and Titan Co’s precision engineering division, and Titan Engineering and Automation Ltd will provide expertise for the project.
CM Edappadi K Palaniswami, in a tweet on Wednesday said, “It is a matter of great pride that the Tata group shall invest Rs 5,000 cr in TN. The Tatas join the ranks of international giants like Foxconn, Dell who have made their base in our State.”
Tata to set up e-components plant in State
Reports had cited that the plant will be used for manufacturing components for iPhonemaker Apple, but the group has refuted it. “We are setting up an electronic components plant in Tamil Nadu which is not dedicated to any specific company,” said a spokesperson from the group.
It is to be noted that the Tamil Nadu Industrial Development Corporation (TIDCO) is one of the largest shareholders in the watchmaker, Titan, and holds a 27.88 per cent stake in the company. The State government has been continuously making efforts to attract global electronic companies to invest in TN.
The State had also recently released a new electronics hardware manufacturing policy, and set an ambitious target to increase electronics industry output to $100 billion by 2025. Due to the rising anti-China sentiment around the world, many leading manufacturers such as Foxconn and Pegatron have plans to set up units in the State.