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E-mail ID will not be published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

  • Sebi must not be lax in weeding out mutual fund houses

    Last May, capital market regulator Securities and Exchange Board of India (Sebi) amended the Sebi (mutual funds) regulations, 1996, directing all fund

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

Arun Nigavekar

New model for effective education

After interacting with students and teaching community on a ...

Rajgopal Nidamboor

Let the spirit of sport pervade everyday life

Sport, like meditation, is nothing short of a spiritual act. ...

Shona Adhikari

Pop art is truly a feast for the eyes

The internationally reknowned Bruno Art Group’s presence in India had ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture