Is Flex shifting its production out of China and considering India?
By MYBRANDBOOK
Flex, the US-based electrical and electronics component manufacturer is planning to expand its business from China to other geographies, including India.
According to available reports, the company is making up its mind to invest about $500 Mn (over INR 3500 Cr) to increase its manufacturing capabilities in India, and also increasing its exports from India to other markets.
The company’s president, Richard Hopkins, according to a Flex senior exec has met with a group of Indian ministers including communications and IT minister Ravi Shankar Prasad last week and discussed the opportunities for the company, to shift its production out of China.
In the same meeting, Flex had also stated that it would leave India for Malaysia, provided the government comes up with suitable incentives to attract electronics component manufacturers.
The decision comes at a time when the China-US trade war continues to affect US-based companies in China, and vice versa. This trade war, in a way, is attracting global manufacturers to look at countries like India, Malaysia and Vietnam and others, to further expand their business.
It is high time however for India, according to a lot of experts, to take a quick decision and come up with a policy to compete with Vietnam and Malaysia in a bid to position itself as a global manufacturing hub.
According to the media report from TOI, the World Trade Organization had also found India’s export incentive schemes incompatible with the merchandise export from India scheme on subsidies and other measures. The verdict was passed and, India was asked to re-work on its incentive schemes to comply with international companies, as soon as possible.
India’s IT minister, Prasad reportedly said that the government is aiming to make India a major export hub of electronics manufacturing. He further stated that the country has increased the production of electronics from $29 Bn in value terms to $70 Bn in 2019. Also, India being the second biggest manufacturer of smartphones in the world, the country has 282 mobile factories as compared to just two factories in 2014, he added.
Flex runs 11 facilities across Chennai, Hyderabad, Gurugram, Bengaluru and Visakhapatnam. With a team of 25,000 people in India, the company plans to increase exports out of India to approximately $12 Bn in the next 12-18 months, the report added.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Alpha Max offers high end solutions in the network space to en
The vision at Alpha Max is to attain quality as the trademark and create a
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
NUMERIC INDIA, A Group Brand Legrand
HAVELLS INDIA LTD.
HP INDIA SALES PVT. LTD.
LAVA INTERNATIONAL LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : ASHISH KUMAR CHAUHAN
Ashish kumar Chauhan, an Indian business executive and administrator, ...
Icons Of India : Daisy Chittilapilly
Daisy Chittilapilly is the President of Cisco’s India and SAARC regi...
Icons Of India : NATARAJAN CHANDRASEKARAN
Natarajan Chandrasekaran (Chandra) is the Chairman of Tata Sons, the h...
PARTNER SPEAKERS
PSU
C-DOT - Center of Development of Telematics
India’s premier research and development center focused on telecommu...
UIDAI - Unique Identification Authority of India
UIDAI and the Aadhaar system represent a significant milestone in Indi...
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Lal Karsanbhai, President & CEO, Emerson
Lal Karsanbhai, President and CEO of Emerson, assumed the leadership i...
Indian Tech Talent Excelling The Tech World - ARVIND KRISHNA, CEO – IBM
Arvind Krishna, an Indian-American business executive, serves as the C...
Indian Tech Talent Excelling The Tech World - George Kurian, CEO, Netapp
George Kurian, the CEO of global data storage and management services ...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
