Micromax’s Bhagwati eyes global JVs under Rs 22,919 crore electronics component scheme: Rahul Sharma

Rahul Sharma, micromax and bhagwati co-founder

Bhagwati Products Limited, the electronics manufacturing arm of Gurgaon-based Micromax Informatics, is actively seeking joint ventures within global value chains while leveraging the newly approved Rs 22,919 crore electronics component manufacturing scheme to accelerate its expansion plans.

“The Government's approval of the Component Policy marks a pivotal moment in India’s path toward becoming a global manufacturing leader. At Bhagwati Products Limited, we view this as a significant opportunity to enhance our advanced production capabilities, foster sustainable innovation, and contribute to India's vision of an ‘Aatmanirbhar Bharat’,” said Rahul Sharma, Co-Founder of Bhagwati Products Limited, in an interview with Moneycontrol.

“As a brand, we are actively pursuing joint ventures within global value chains, and today's decision will play a crucial role in facilitating the integration of these value chains into India,” he added.

On March 28, the Union Cabinet approved a production-linked incentive (PLI) scheme for passive or non-semiconductor electronics components, with an investment outlay of Rs 22,919 crore.

“This development will not only strengthen domestic manufacturing but also elevate India as a trusted hub for high-precision component manufacturing on the global stage,” Sharma said.

Micromax has already begun expanding its component ecosystem, having recently partnered with Taiwan’s Phison Electronics for storage module production and forming a joint venture with China’s Huaqin through its group company, Bhagwati Electronics. The company has outlined a decade-long roadmap to build India’s electronics component supply chain and is in the final stages of securing key partnerships.

According to a Moneycontrol report on March 27, Micromax is working closely on a component supply chain strategy. Following its deal with Phison, the company plans to explore similar joint ventures for other critical components under the new scheme. By collaborating with established component suppliers serving major global and Chinese smartphone brands, Micromax aims to streamline the qualification process and accelerate production.