Tata Electronics to invest Rs 7K cr in Hosur plant

CHENNAI: Tata Electronics is planning to invest Rs 7,000 crore for expansion of its Hosur plant, which in turn will generate 30,000 jobs, according to a top official from Tamil Nadu Guidance. However, the official did not specify the exact amount for which a memorandum of understanding will be signed during the Global Investors Meet likely on Sunday. It is learnt that the expansion could include setting up a unit to assemble Apple iPhones after the company acquired Wistron’s iPhone assembly plant in Malur.

The investment will be made over a six-year period. Last November, Apple shortlisted Tata Electronics to be its vendor as it planned to diversify its manufacturing away from China. Tata Electronics is the first Indian company to become a contract manufacturer for Apple iPhones, apart from Taiwan’s Foxconn and Pegatron. Meanwhile, Singapore-based companies are set to sign a memorandum of understanding worth Rs 31,000 crore with the Tamil Nadu government at the upcoming Global Investors Meet, according to a statement by Singapore high commission.