US electronics major TE Connectivity is setting up an integrated plant in this tech hub to manufacture power connectors for diverse industry verticals in India and global market.
"The new plant will design and manufacture next-generation connectivity solutions for multiple industry verticals, including automotive, aerospace, defence, marine, enterprise networks, telecom, data communications, industrial energy, consumer devices and appliances," TE chief operating officer Joseph B. Donahue told reporters here Thursday.
The 280,000 square feet state-of-the-art plant will be located at the aerospace park coming up at Yelahanka in north Bangalore and hire about 400 skilled people over the next two years.
The $14-billion TE, formerly Tyco Electronics, provides connectivity systems and solutions to protect flow of power and data in a range of products used for multiple functions. It employs about 100,000 people across 50 countries the world over.
"We are investing Rs.300 crore ($57 million) in our India operations over the next two years, including 90 percent (Rs.270 crore) in the new plant and the remaining in our automotive manufacturing plants at Pune in Maharashtra," Donauhe said.
The fresh investment is in addition to Rs.600 crore the multinational invested in its Indian manufacturing facilities in Bangalore (five), Pune (two) and Kochi (one) in Kerala, with direct and indirect employment to about 4,500 people.
"The new facility will be the design, engineering and manufacturing centre for Indian and global customers as India will be key to our emerging market growth strategy," TE India president V. Raja said on the occasion.
As a leading supplier to OEMs (original equipment manufacturers) and ancillaries, the company has major presence in the automotive industry with 35 percent market share and 30 percent in energy and industry verticals.
The Indian subsidiary posted revenue of Rs.1,400 crore in 2010-11 (October-September), with 17 percent growth over previous year.
As an offspring of AMP Inc and Raychem Corporation, Tyco Electronics was spun off from Tyco International in 2007 to become an independent company.