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Report say’s: Tata Group invest Rs 5,000 crore for Apple component manufacture Plant.



Apple has started manufacturing its mobile phones in India. The Tata group will invest Rs 5,000 crore to set up a spare parts project for Apple at an industrial complex in Hosur, Tamil Nadu. Although the Tata group and Tamil Nadu Govt have not yet confirmed this report, But sources said that the project will produce the necessary spare parts for Apple. 

The Tata Group will invest Rs 5,000 crore to create a facility that will manufacture components for iPhone-maker Apple. Tata Electronics, a new entity, was allotted 500 acres by TIDCO (Tamil Nadu Industrial Development Corporation) for the manufacturing plant at the industrial complex in Hosur, Business Line reported.

Tata Group’s investment in the facility might be hiked later, based on the level of sourcing, to as much as Rs 8,000 crore, the report said.

Neither the Tata Group nor the Tamil Nadu government confirmed the development as per the report.

Titan Engineering and Automation (TEAL), a unit of Titan, will provide the expertise for setting up the production facility, the report said.

According to the report, the Bhoomi Pujan of the facility was held on October 27.

The manufacturing plant will have 18,000 employees by October 2021, of which 90 percent will be women, the report added.

Apple’s contract manufacturer Foxconn already assembles the iPhone 11 at a plant in Sriperumbudur, Tamil Nadu.

The report stated that there was competition between states for the facility, with Tamil Nadu beating Karnataka to bag the project.


ICICI Bank sets up presence in Nepal



ICICI bank, apex consumer commission, Rs two lakh, ATM fraud, Business news

Lending major ICICI Bank on Thursday launched its operations in Nepal, via a representative office, to become the first Indian private sector bank to set up its presence in the country.

The bank opened a representative office in Kathmandu which will closely work with the domestic banks in Nepal to facilitate investment, trade, payments and treasury business between the two countries.

According to the bank, the current foray has expanded its global footprint to 15 countries including India.

“India and Nepal have significant trade and investment links between them. We believe that ICICI Bank’s on-ground presence through the new representative office coupled with its strong business partnerships with banks in Nepal, will help us further our participation in the economic flows between the two countries,” said Sriram H. Iyer, Head – International Banking Group, ICICI Bank.

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