Gorilla Glass-maker Corning to invest US$ 120.3 million (Rs. 1,000 crore) in Tamil Nadu
- IBEF
- January 24, 2024
The state of Tamil Nadu announced a substantial investment of US$ 120.3 million (Rs. 1,000 crore) in a joint venture involving Corning, underlining India's growing significance as a manufacturing hub. The joint venture, Bharat Innovative Glass Technologies, is a collaboration between U.S. electronics manufacturer Corning, a prominent supplier for Apple, and Indian telecommunications company Optiemus Infracom.
This new facility, the first manufacturing plant since the JV's formation in September, will focus on producing front cover glass for mobile phones and phone components in India. While the state government did not specify the brands for which the glass would be supplied, it highlighted the strategic importance of Tamil Nadu in fostering this venture.
The establishment of this facility aligns with the ongoing global shift in supply chains away from China, benefiting the US$ 155 billion Indian electronics market. The Indian government's production-linked incentives, designed to boost local manufacturing, further support this positive trend.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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