TE Connectivity targets $1b India revenue in 4 years

Tags: News
Switzerland-based $14 billion electronics components major, TE Connectivity, has big plans for India. It proposes to turn its Indian outfit into $1 billion enterprise in four years from now.

The NYSE-listed company that deals with electronic connectivity systems and solutions is focusing on defence, telecom and automobiles to sell about two trillion components that it produces across the world.

TE Connectivity India, the Bengalore-based 100 per cent subsidiary of Swiss-US conglomerate, will drastically slash imports from its associates and group companies abroad given the depreciation in the greenback.

“We would like to increase local sourcing of our components to 60 per cent from the prevailing 25 per cent given the dollar depreciation that has happened recently” V Raja, president and managing director of TE Connectivity India told Financial Chronicle.

Raja is banking heavily on the boom in the Indian automobiles industry that posted double-digit growth before the global meltdown. “Both passenger and commercial vehicles across brands use our cables and connectors in a big way” said Raja.

TE Connectivity would pitch for business worth Rs 1,000 crore from defence establishment that is making huge procurements. With domestic manufacturing capacities and tie-up with local suppliers like Tatas, Mahindra & Mahindra, it will take advantage of the $10 billion worth opportunity in defence under the ‘offsets’ provisions.

Further, recent cabinet decision to make it mandatory for 30 per cent domestic sourcing for burgeoning electronics industry would also work to advantage of companies like TE Connectivity. “There is tremendous amount of opportunity in both defence and electronics industry for our connectors and cables” said Raja.

The Swiss major is also consolidating its Indian manufacturing facilities under one roof spread across 60 acre facility in Bangalore. It will invest Rs 300 crore in the integrated manufacturing plant under construction at Aerospace Park, Yelahanka, Bengalore. TE plant at Bangalore would be operational in two years.

TE’s manufacturing pla­nts in Shirwal and Wagholi in Pune will be expanded over next three years.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Need to rein in profligate promoters in low margin airline business

    With the media and industry searchlight trained hard on SpiceJet, it is easy to forget that it may be, at worst, a symptom, not the real malaise itsel

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Shifting sands in the Far East

As was to be expected, Japanese prime minister Shinzo Abe ...

Zehra Naqvi

When humanity died, bestiality prevailed

The terrorist attack that killed 132 children in Peshawar has ...

Bubbles Sabharwal

Why self-esteem must be your best friend forever

Two negatives do make a positive! Imagine no doubts, no ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture