- It aims to achieve turnover of $1 billion in the next one year
- The company plans to invest around $50 million in India in the near future says the report
US-based electronics manufacturer Flex is interested to shift its major manufacturing base to India from China as per a report by BusinessLine. It also said that it wants to set up export-oriented facilities with a target turnover of $1 billion in the next one year. A senior government official told BusinessLine that Flex is very interested in component manufacturing in India and committed to invest around $50 million in India in the near future.
According to the report by BusinessLine, the company’s president Richard Hopkins met Ravi Shankar Prasad, Minister of Electronics and Information Technology (MeitY) to discuss these developments. The senior government official further added that Flex will set up export-oriented manufacturing facilities in India.
Initially, the company will start with manufacturing only for the American companies based out of India as per the government official. He also said that Hopkins and his officers had a 30-minute meeting with Prasad discussing on the feasibility of local manufacturing and an export roadmap of specific electronic components from India.
Another source told BusinessLine that Hopkins met commerce minister Piyush Goyal to discuss similar topics. The company through these plans in India aims to start its growth in the electronic component ecosystem in India.
Recently, Flex had started a new facility at Walajabad in Tamil Nadu which focusses on smartphone accessories. The company has 11 facilities in India across Chennai, Bengaluru, Pune, Hyderabad, Gurugram and Vishakhapatnam.