Salcomp Expected To Invest Rs 1,300 Crore In Sriperumbudur Plant In Five Years
The Tamil Nadu government on Tuesday said it expects Salcomp Plc, the maker of Apple iPhone chargers, to invest Rs 1,300 crore over five years at its Sriperumbudur plant near Chennai.
The Finland-based company on Monday completed acquisition of the plant that was once Nokia Oyj's largest manufacturing facility in the world. It was non-operational for around 10 years.
According to an official release by the state government, Salcomp Manufacturing India signed a memorandum of understanding during the second edition of Global Investors Meet held in January to manufacture mobile phone chargers at an investment of Rs 500 crore at the Nokia Telecom Special Economic Zone. Through this initiative, 5,600 new jobs were expected to be created.
FIH India Developer Pvt. Ltd., a unit of Taiwan-based Foxconn Technology Co. Ltd., has also signed an MoU with the Tamil Nadu government to invest Rs 2,500 crore for manufacturing electronic equipment—generating 20,000 new jobs.
"Currently, Salcomp Manufacturing India has reached an agreement to purchase the Chennai plant and is expected to commence mobile chargers production from March 2020,” the government release said.
The company is expected to make investments of Rs 1,300 crore during the next five years and an additional 10,000 jobs will be created, the release said. "The government will continue to take necessary steps to make Sriperumbudur as one of the major electronic equipment manufacturing zones (in the future).”