TE Connectivity is investing Rs 250 crore on its ninth manufacturing facility in Bengaluru to tap local market and contribute to global exports.. The company intends to triple its revennue and eyes one billion revenue from India in next three to five years. TE plans to hire nearly 2,000 to 3,000 direct and indirect employees by the end of 2013 in India.
This new facility will be housed at Aerospace Park near the Bangalore International Airport and it will be operational by the end of 2013. It will be the design, engineering and manufacturing center for TE in India. The company intends to strengthen talent pool and to enhance the local product development. At present, TE has over eight manufacturing facilities in India - five, two and one manufacturing facilities in Bengaluru, Pune and Kochi respectively.
Joseph B Donahue, executive vice president and chief operating officer, TE Connectivity said, "TE is committed to growing its business in India, where long term growth prospects are favourable. The new plant, which will measure 280,000 square feet, will create new jobs in the areas of assembly, packaging, molding, stamping, tooling machine components, copper wire, optical fiber and cable processes."
He further added that the key growth areas for the company are Automotive, Broadband Connectivity, Consumer, and Energy and Industries. America has contributed over 32% for TE's growth; Asia, China, EMEA contributes over 18%, 15% and 35% respectively currently.
V Raja, president, TE Connectivity, India said, "India is an important cornerstone of TE's emerging market growth strategy. The combination of local talent, local design and manufacturing and local partnerships will help drive TE's continued growth in the market."