Tata Electronics is anticipated to finalize a Memorandum of Understanding (MoU) with the Tamil Nadu Government for mobile phone assembly operations valued at Rs 12,082 crore. This agreement was signed during the Tamil Nadu Global Investors Meet 2024 held in Chennai, presided over by Chief Minister M. K. Stalin and Union Minister Piyush Goyal.
During the summit, CM Stalin highlighted a surge in investments pouring into the state. JSW Renewable, TVS Group, and Mitsubishi Electric have signed agreements amounting to Rs 12,000 crore, Rs 5,000 crore, and Rs 6,180 crore, respectively, as reported by Economic Times. Additionally, Pegatron, an Apple supplier from Taiwan, is set to invest around Rs 1,000 crore to expand its production facilities. Tata Electronics plans to invest approximately Rs 7,000 crore over six years to enhance its Hosur facility. Meanwhile, VinFast, a Vietnamese electric vehicle manufacturer, aims to invest up to $200 million in establishing its initial manufacturing units near Chennai, specifically in Thoothukudi.
In November 2023, the Tata Group finalized a binding share purchase agreement with SMS InfoComm (Singapore) and Wistron Hong Kong Limited, acquiring a 100% equity stake in Wistron Infocomm Manufacturing (India). This acquisition solidified the Tata Group's entry into the Apple supply chain as an iPhone manufacturer. With Apple seeking to diversify its production away from China, India emerges as a promising growth hub. Pegatron, on the other hand, plans to establish a second factory in India, following the initiation of iPhone production by the Tata Group last year.