Tata Group to invest in mobile phone manufacturing plant in Tamil Nadu!
Galatta | Dec 06, 2020, 08:23 pm
Tamil Nadu had recently been voted as the Best Performing State in India, for the third year running, in terms if Governance aross all states in our country. The Indian government had announced a Performance Linked Incentive scheme, as part of its measures to woo investors to come to the state and to boost the economy, which had been very badly affected because of the COVID-19 Novel Corona Virus Pandemic. Now, we have some great news, in this regard! One of the leading industrial conglomoerates not just in India but across the world - Tata Group, has announced a massive investment plan for Tamil Nadu!
The $113 billion Tata Group has announced that it is planning to invest 11,000 Crores ($1.5 billion) in Tamil Nadu, to set up a mobile phone and component manufacturing plant, in Tamil Nadu! This is to make use of the TN Govt's PLI scheme to attract investments to India, which might have otherwise gone to China. This move by the Tata Group will help in consolidating India's position as an Original Equipment Manufacturer (OEM). In 2019, over 300 million phones were assembled in India, making it the second-largest mobile phone manufacturer in the world, behind only China.
We hear that Apple was looking out for a location to have a manufacturing unit outside of China and this move from the Tata Group could be to woo Apple and capitalise on their requirement while at the same time promoting India as an alternative for China, for all world countries. Reports state that Titan Engineering and Automation Ltd., (TEAL) has been roped in to provide the expertise on this project. TEAL is the Tital Co Ltd.'s precision engineering division. This new mobile phone plant is said to have plans for employing an 18,000 strong workforce by October, 2021 and the majority of these employees are going to be women. News from financial circles state that Tata Group is in talks with bankers to raise USD 1 billion while it plans to raise the remaining amount, internally.