TE Connectivity plans to invest Rs 300 crore in India to build a new manufacturing facility and expand the existing ones with an aim to triple its sales revenues in this country to USD 1 billion in five years.
The USD 14 billion New York Stock Exchange-listed company providing connecting systems and solutions will construct an integrated manufacturing plant at the Aerospace Park at Devenahally, which is expected to be operational by 2014.
In addition, the company's automotive manufacturing plants in Shirwal and Wagholi in Pune will be expanded over the next three years.
At the new 280,000 sq ft plant on a 20-acre plot, TE will design and manufacture connectivity solutions for multiple industry verticals, including automotive, aerospace, defence, marine, enterprise networks, telecom, data communications,
industrial and energy, company's Executive Vice-President and Chief Operating Officer Joseph B Donahue told reporters.
President, TE Connectivity, India, V Raja said: "The new manufacturing facility in Bangalore will become the design, engineering and manufacturing centre for TE in India, serving global and Indian customers".
The company (previously known as Tyco Electronics) had revenues of Rs 1400 crore in India in 2011, he said, adding, the aim is to make it a USD one billion business in this country in five years.
Speaking on the India growth strategy, Raja said the company plans to boost localisation of its products from the current 20-25 per cent to 60 per cent, strengthen the design and engineering talent pool and invest in strategic partnerships and acquisitions.
He said TE is a cash-rich, zero debt company and it's continuously looking at inorganic growth opportunities, eyeing firms with technology fit and synergy for acquisitions.
Raja said TE sees huge opportunities in India, in devices manufacturing, defence offsets, automobile market and rail, metro and infrastructure sectors, among others.