Flextronics to set up Rs 450-cr facility in TN, say report
Sep 14, 2005
Flextronics is all set to invest about Rs 450 crore ($100 million) in a manufacturing facility at Sriperumbudur, near Chennai. Accoring to a report in The Hindu Business Line
The report added - The Tamil Nadu Cabinet approved a package of incentives that included requesting the Centre to accord the facility product-specific special economic zone status.
The other support measures include fiscal incentives and infrastructure facilities, according to reliable sources.
Initially, the company plans to manufacture cellular phones and set-top boxes and later on look at electronic automotive parts and medical equipment and laser printers too, according to the sources.
With the State Cabinet approving the package of incentives, the company is expected to sign an agreement with the Government within a fortnight. The State will request the Centre to accord the facility product-specific SEZ status.
This will be the third such SEZ in the State. The Mahindra Industrial Park at Maraimalai Nagar has been accorded SEZ status for automotive components, IT and apparel, while Nokia's facility, also at Sriperumbudur, will get product-specific SEZ status.
Flextronics took over Motorola's manufacturing facility in Bangalore and also acquired FutureSoft, a Chennai-based telecom software developer.