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Posted on Oct 04, 04:25PM | UNI
Global connectivity and cable major TE Connectivity today announced an investment of Rs 250 crore in a new facility in Bangalore with an aim to triple its Indian revenue to USD one billion within the next five years.
TE Connectivity India which closed last year with a sales revenue of Rs 1,400 crore and had 4,500 people working in the country in eight facilities (five in Bangalore, two in Pune and one in Kochi) is building an integrated manufacturing facility in a 20 acre plot at the Aerospace park in Doddaballapur in the city.
T E Connectivity India President and MD V Raja told newsmen here that the new manufacturing facility here would become the design, engineering and manufacturing centre for TE in India, serving global and Indian customers'.
He said India was an important cornerstone of TE's emerging market growth strategy. the combination of local talent, design and manufacturing would help the company's continued growth.
TE Executive Vice-President Joseph B Donahue said despite negative sentiment on economic growth, the company has confidence in India's economic growth. He said the company also planned to invest Rs 50 crore over the next three years in its manufacturing unit at Shirwal in Pune, which is producing components for the automotive sector.