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  Business   Market  17 Feb 2021  Tata Electronics to set up component-making plant in TN

Tata Electronics to set up component-making plant in TN

THE ASIAN AGE. | SANGEETHA G
Published : Feb 17, 2021, 4:15 am IST
Updated : Feb 17, 2021, 9:39 am IST

These industrial parks will create employment opportunities for more than one lakh people, the government said

In total, 28 memoranda Zof understanding, cumulative investment were signed between the companies and the Government of Tamil Nadu on Tuesday (Twitter@TataCompanies)
 In total, 28 memoranda Zof understanding, cumulative investment were signed between the companies and the Government of Tamil Nadu on Tuesday (Twitter@TataCompanies)

CHENNAI: Tata Electronics will invest close to Rs 4,700 crore in a mobile phone component
plant at Krishnagiri in Tamil Nadu. This is part of the MoUs signed by the Tamil Nadu government on Tuesday with 28 companies in sectors like electric vehicles, wind energy, auto components, city gas and textiles, attracting a cumulative investment of Rs 28,053 crore.

Tata Electronics will manufacture mechanical enclosures for mobile phones at a plant in Krishnagiri, where it will invest Rs 4,684 crore. The facility is expected to provide employment to 18,250 people.

 

Similarly, Pegatron Corporation, Taiwan, is setting up a smartphone manufacturing unit at Mahindra World City, Chengalpattu near Chennai at an investment of Rs 1,100 crore. It hopes to commence production in about four months and provide employment to over 14,000 people.

Taipei-based Pegatron is the second largest contract manufacturer of iPhone. Chennai-based Sun-Edison is investing Rs 1,423 crore in a solar module manufacturing unit in Cheyyar and Bengalurubased Elest Private Ltd, Rs 7,948 crore for producing cell, battery, e-bus and etruck. AG&P Group, Singapore, is investing Rs 2,430 crore in a city gas distribution unit and Mumbai based NetMagic Rs 1,377 crore in data centre while Germany's Nordex Group is investing Rs 1,200 crore in wind turbine generators and allied component manufacturing. TVS Srichakra is investing Rs 1,000 crore in a new tyre plant.

 

In total, 28 memoranda Zof understanding, which account for a cumulative investment of Rs 28,053 crore and employment potential for 68,775 persons, were signed between the companies and the Government of Tamil Nadu on Tuesday. The state cabinet had cleared these investments late Friday night. Some of these companies have already started working on the plants.

Tamil Nadu chief minister Edappadi K. Palaniswami also laid the foundationstone for four new Industrial Parks of the State Industries Promotion Corporation of Tamil Nadu (Sipcot) at Mana pparai, Maanallur, Oragadam and Dharmapuri at a total investment of Rs 1,605 crore. These parks will cater to the requirements of the automobile and auto component sector, food processing, general engineering industries, e-vehicle manufacturing and textiles sectors.

 

These industrial parks will create employment opportunities for more than one lakh people, the government said. Further, foundation stones of six industrial estates of the Tamil Nadu Small Industries Development Corporation also were laid at the function. The government also announced its New Industrial Policy 2021, which aims at achieving an annual growth rate of 15 per cent in the manufacturing sector, attract investments worth Rs 10 lakh crore and create employment opportunities for 20 lakh people by 2025. The policy also wants the state to increase the contribution of the manufacturing sector to 30 per cent of its economy by 2030.

Tags: industrial policy, new industrial policy, tata electronics, new industrial policy 2021
Location: India, Tamil Nadu, Chennai (Madras)