On Sunday, the southern Indian state of Tamil Nadu announced the signing of investment agreements totaling over $4.39 billion with companies including Apple suppliers Tata Electronics and Pegatron, as well as automotive major Hyundai Motors. India holds strategic importance for Apple’s growth plans, and the tech giant is looking to diversify its production beyond China. Pegatron, an Apple supplier, is working towards establishing a second factory in India, complementing Tata Group’s ongoing assembly of iPhones in the country.
More About Apple Suppliers – Tata and Pegatron Investment in Tamil Nadu
As part of the agreements, Tata Electronics, a division of the Indian conglomerate, pledged an investment of 120.8 billion rupees for mobile phone assembly operations, as stated by the state government during the signing ceremony. Chief Minister M. K. Stalin expressed the Tamil Nadu government’s commitment to supporting investors in every possible way, emphasizing its desire to play a significant role in India’s overall growth.
Pegatron, the Taiwan-based Apple supplier, is set to invest 10 billion rupees to expand its production capabilities, according to the government. Additionally, Tata Power is exploring investments of up to 700 billion rupees in Tamil Nadu over the coming years, including contributions to existing projects, as stated by the CEO and Managing Director, Praveer Sinha.
The investment pacts, unveiled at a global investors’ meeting are expected to generate numerous job opportunities in the state. This initiative precedes another investment summit scheduled in Prime Minister Narendra Modi’s home state of Gujarat, where numerous domestic and foreign investors are anticipated to participate. Among the agreements signed on Sunday, JSW Energy committed to investing 120 billion rupees in renewable energy projects. Hyundai Motors, a major player in the automotive industry, pledged 61.80 billion rupees, with a portion earmarked for electric vehicle (EV) battery and car manufacturing.
In a separate development on Saturday, Vietnamese EV manufacturer VinFast agreed to establish its first manufacturing facilities in India, aiming for an investment of up to $2 billion in Tamil Nadu. Furthermore, Hong Fu, the manufacturer of Nike shoes, is poised to sign an agreement with the state to invest nearly 10.4 billion rupees in India, with an additional 16.6 billion rupees expected soon, according to Aqeel Panaruna, chairman of Florenece Shoe, the company’s India partner.
