Pegatron, Tata Electronics Ink Pacts over Rs 30,000 cr with Tamil Nadu By CIOTechOutlook Team

Pegatron, Tata Electronics Ink Pacts over Rs 30,000 cr with Tamil Nadu

CIOTechOutlook Team | Monday, 08 January 2024, 02:35 IST

Tata Electronics is expected to sign a Memorandum of Understanding (MoU) with the Tamil Nadu Government for mobile phone assembly activities worth Rs 12,082 crore. The Memorandum of Understanding was inked at the Tamil Nadu Global Investors Meet 2024 in Chennai, which was hosted by state Chief Minister M. K. Stalin and Union Minister Piyush Goyal.

Speaking at the summit, CM Stalin has said that it is raining investments in the state. JSW Renewable, TVS Group and Mitsubishi Electric have inked pacts worth Rs 12,000 crore, Rs 5,000 crore and Rs 6,180 crore respectively, as per economic times.

Pegatron, Apple's Taiwan supplier, will also invest up to Rs 1,000 crore to expand production. According to estimates, Tata Electronics intends to invest Rs 7,000 crore in the expansion of its Hosur facility over a six-year period. VinFast, a Vietnamese electric vehicle manufacturer, plans to invest up to $200 million in its first manufacturing facilities in Thoothukudi, near Chennai.

The Tata Group inked a binding share purchase agreement in November 2023 with SMS InfoComm (Singapore) and Wistron Hong Kong Limited to acquire a 100% equity investment in Wistron Infocomm Manufacturing (India), allowing the Tata Group to officially join the Apple supply chain as an iPhone manufacturer.

Apple is looking to relocate some production away from China, and it sees India as the next great growth engine. Pegatron is planning a second factory in India, where Tata Group began producing iPhones last year.