Tata Group will invest Rs. 5000 crore to set up a phone component manufacturing plant in Hosur located in Tamil Nadu according to a report by The Hindu BusinessLine.
Tata Electronics has been promised to located 500 acres plant for manufacturing components for Apple as the company is increasingly looking towards India as a new base. The investment will be increased depending on the level of sourcing from the facility and it can be reached Rs 8,000 crores.
The report claims, the Apple component plant is said to have a total staff of 18,000 by October 2021 and 90 percent of it will be women. Thanks to Tata Group and Apple have not commented on the matter.
Tata group said to be leveraging on the incentive scheme that the Modi government has announced to strengthen the manufacturing base in India. Apple already strong focus on Apple products market in India after opening first Apple Online Store.