Micromax's Bhagwati Products has received ECMS approval for investments worth ₹1,015 crore
The company said that ₹450 crore will go towards mobile phone display manufacturing, and ₹565 crore will be invested in precision moulding
The two projects are expected to commence production this year
Micromax-Linked Entity To Invest ₹1,015 Cr After Receiving Govt Approval Under Electronics Manufacturing Scheme
The government, on Monday, approved 31 fresh proposals in the latest ECMS tranche, involving investments worth ₹7,877 crore
Electronics Manufacturing Freepik
Summary
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Micromax-linked electronics manufacturer Bhagwati Products Limited will invest ₹1,015 crore in mobile phone display manufacturing and precision moulding after receiving approval under the government's Electronics Component Manufacturing Scheme (ECMS).
The Ministry of Electronics and Information Technology (MeitY) has cleared the company's two projects as part of the latest round of approvals under the scheme, the company said in a statement.
The investment includes ₹450 crore for display manufacturing through TXD India Technology Private Limited and ₹565 crore for precision moulding at Bhagwati Products' Greater Noida facility.
The company, which is the electronics manufacturing and contract assembly arm linked to Micromax Informatics, said the investments would expand its presence across the electronics component value chain.
Govt Approves 31 Electronics Mfg Projects
The approvals are part of a broader government push to expand domestic manufacturing of electronics components.
The government, on Monday, approved 31 fresh proposals in the latest ECMS tranche, involving investments worth ₹7,877 crore. This took the number of projects cleared under the scheme across five rounds to 106, with cumulative committed investments exceeding ₹69,000 crore.
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Union Electronics and IT Minister Ashwini Vaishnaw said the investment commitments had surpassed the scheme's original target of ₹59,000 crore, as per PTI.
The latest approvals span areas including capital goods, camera and display modules, connectors, rare earth permanent magnets, speakers, microphones, antennas and other components.
According to PTI, various companies approved in the latest ECMS tranche include Wipro Global Engineering and Electronic Materials (₹1,033 crore), Jyoti CNC Automation (₹1,021 crore), Resolute Group's SkyQuad Electronics and Appliances (₹740 crore), Micromax Precision Moulding (₹565 crore), VVDN Technologies (₹100 crore), and Mitsubishi Electric India (₹99 crore) among others.
Bhagwati's Production To Begin This Year
Bhagwati Products said its display project would be carried out at TXD India's existing facility in Haryana's Bawal. The company recently acquired a 51% stake in TXD India and has already received Press Note 3 approval for the transaction.
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The Bawal facility will initially produce 1.5 million mobile phone displays a month, with capacity targeted to rise to 3–4 million units over the longer term. It also plans to subsequently enter automotive display manufacturing, the company said.
The ₹565 crore precision moulding project will be set up at Greater Noida. Both projects are expected to begin production this year and could raise the company's overall workforce to more than 10,000 employees, the company said.
"India’s manufacturing journey is now moving beyond assembling finished products. Our ₹1,015 crore investment in display manufacturing and precision moulding – two critical areas where India requires domestic capabilities – is an important step to support the country’s growing electronics manufacturing goal," Rahul Sharma, Bhagwati Products Co-founder, said in a statement.