Tata Electronics inks MoU with TN to set up Mobile Component Unit

The Tata Electronics has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government in order to establish a facility to manufacture the mobile components.

Key Highlights

• The project by the Tata Electronics will cost Rs 4684 crores.
• It will be established in Krishnagiri to manufacture the mechanical enclosures of mobile phones.
• The project can help in creating jobs for 18,250 people.
• Tamil Nadu has also signed a MoU with the Grasim Industries in order to establish a paint manufacturing unit at Cheyyar. It will be established with an investment of Rs 750 crore.
• In total, the Tamil Nadu states has signed 28 MoUs for the projects for which the budget outlay is Rs 28,000 crore.

Tata Group

It is an Indian multinational conglomerate. The company is headquartered in Mumbai. It was Founded in the year 1868 by Jamsetji Tata. The company is one of the biggest and oldest industrial groups of India. Each of the Tata company is operating independently under its own board of directors and shareholders. The companies affiliated under the Tata include Tata Communications, Tata Chemicals, Tata Consumer Products, Tata Consultancy Services, Tata Motors, Tata Elxsi, Taj Air, Tata Power, Jamshedpur FC, Tanishq, Tata Steel, Voltas, Tata Projects Limited, Tata Cliq, Tata Capital, Titan, Trent, Indian Hotels Company Limited, Cromā and Tata Starbucks and Vistara.

Grasim Industries Limited

It is an Indian manufacturing company. It is headquartered in Mumbai. The company was ranked 154th in the list of world’s best regarded firms compiled by Forbes. It was established in the year 1947 as a textile manufacturer. The work of the company is diversified into Viscose Staple Fibre, sponge iron, cement, chemicals and Diversified Financial Services. It is a subsidiary of Aditya Birla Group. The industry is the world’s largest producer of viscose rayon fibre that accounts for 24% of the market share.

Month: Current Affairs - February, 2021