TCL may sell 51% of its Tirupati display plant for $600–800 million.
Dixon, Amber, Epack, Syrma SGS and Uno Minda are among potential suitors.
The sale is driven by India’s localisation push for electronic components.
China's leading television manufacturer, TCL Electronics, is in early-stage discussions to divest a 51% stake in its display manufacturing plant in India, seeking between $600 million and $800 million (₹5,708–₹7,611 crore) for the transaction, the Economic Times reported.
Standard Chartered, which is advising TCL on the deal, has initiated talks with several Indian companies, including Dixon Technologies, Epack Durable, Syrma SGS Technology, Amber Enterprises and Uno Minda. Havells was also approached but has reportedly shown no interest in investing in display backward integration.
1 May 2026
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TCL is looking to bring in two local partners, one strategic and one financial. The structure mirrors the one adopted by fellow Chinese electronics maker Haier, which recently sold a 49% stake in its Indian arm to Bharti Enterprises and Warburg Pincus, while retaining 49% itself. The deal could be finalised within two to three months, the report said.
Strategic Asset
At the centre of the transaction is TCL's plant in Tirupati, Andhra Pradesh, India's only open-cell manufacturing unit and the country's first full-process LCD panel module factory with bonding and assembly capabilities. The facility, operated by TCL China Star Optoelectronics Technology (TCL CSOT), produces screens for televisions and mobile phones, with an annual designed capacity of 8 million TV panels and 30 million mobile displays. TCL CSOT generates annual revenue of around ₹1,500 crore.
The company has invested over ₹1,800 crore in the plant's first phase. A TV assembly unit within the same industrial park is excluded from the proposed transaction.
Despite being among those approached, Dixon Technologies may not be a leading contender. The company is already setting up a display plant with Chinese firm HKC Overseas, holding a 74% stake in that joint venture. As per the report, any further investment in the same domain would require HKC's approval.
The divestment is also being driven by government pressure on TCL to reduce its stake in the display plant, which is considered critical to India's localisation strategy for electronic components, ET reported.
