The Tata Group will invest Rs 5,000 crore to create a facility that will manufacture components for iPhone-maker Apple.
Tata Electronics, a new entity, was allotted 500 acres by TIDCO (Tamil Nadu Industrial Development Corporation) for the manufacturing plant at the industrial complex in Hosur, BusinessLine reported.
Tata Group’s investment in the facility might be hiked later, based on the level of sourcing, to as much as Rs 8,000 crore, the report said.
Moneycontrol could not independently verify the story.
Neither the Tata Group nor the Tamil Nadu government confirmed the development as per the report.
Titan Engineering and Automation (TEAL), a unit of Titan, will provide the expertise for setting up the production facility, the report said.
According to the report, the Bhoomi Pujan of the facility was held on October 27.
The manufacturing plant will have 18,000 employees by October 2021, of which 90 percent will be women, the report added.
Apple's contract manufacturer Foxconn already assembles the iPhone 11 at a plant in Sriperumbudur, Tamil Nadu.The report stated that there was competition between states for the facility, with Tamil Nadu beating Karnataka to bag the project.