The Tata Group, as per the report, will be investing approximately Rs 5000 crore to setup a factory in Tamil Nadu
The Tata Group, as per a report by The Hindu Business Line, is planning to invest Rs 5000 crore in developing a phone components manufacturing facility. The report mentions that the group has been allotted 500 acres of land to develop tis facility by Tamil Nadu Industrial Development Corporation.
It is to be noted here that TIDCO holds more than 27 per cent share in the watchmaker Titan Co Ltd. Titan Engineering and Automation will be providing the expertise required for the project. This facility, once constructed, will be used to manufacture for Apple.
The ministry of electronics and IT had approved PLI scheme for encouraging domestic manufacturing of electronics in India recently. Several of contract manufacturers of Apple have been given the green signal to start participating in the scheme.
Out of Rs 1.15 trillion worth of electronics components that India imported in 2019-20, 37 per cent were imported from China. Sanjay Dhotre, minister of State for Communications and Electronics and IT, revealed these numbers in a written reply in Rajya Sabha.
The minister, citing data obtained from the Directorate General of Commercial Intelligence and Statistics (DGCI&S), noted that India exported smartphone components worth Rs 56,039 crore during 2019-20. Out of the total amount, smartphone components worth Rs 25,441 crore were exported from China.
The total electronic component imports in India during 2019-20 was Rs 1,15,558 crore, out of which, imports from China was Rs 42,983 crore.