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TEAL, Titan's subsidiary, to invest 430 cr in Hosur for semiconductor manufacturing
Industry News- Jan 09,24
A significant portion of the investment, amounting to 200 crore, will be allocated to the establishment of a wafer tab equipment manufacturing facility.
Titan Engineering and Automation Limited (TEAL), a fully-owned subsidiary of Titan Company Limited, is slated to invest a total of 430 crore in Hosur. This investment announcement comes in conjunction with the signing of a Memorandum of Understanding (MoU) with the state government at GIM 2024. A significant portion of the investment, amounting to 200 crore, will be allocated to the establishment of a wafer tab equipment manufacturing facility. Wafer tabs play a crucial role in the production of semiconductors.
Sridhar Neelakantan, the CEO of TEAL, shared with TOI on Sunday that the company has earmarked funds for capital expenditure (CAPEX) over the next five years. This strategic move is expected to create employment opportunities for an additional 1,400 individuals, supplementing the current workforce of 2,000 employees at the facility.
The remaining 230 crore will be directed towards enhancing the automation and manufacturing services segments of the company. TEAL operates in three key business lines: automation, manufacturing services (primarily in the aerospace and defense sectors), and wafer tab production. Originally established in 1990 as an in-house engineering team for precision component manufacturing and watch design, TEAL evolved into manufacturing automation machines. Today, it boasts fully-fledged businesses in machine building, automation, and component manufacturing, serving global markets.
CEO Sridhar Neelakantan emphasised that every vehicle on Indian roads incorporates a solution or system associated with TEAL. He further stated, “The entire investment is focused solely on our operations in Hosur, and we have no plans to explore other locations within the state.” TEAL's headquarters is situated in Hosur.
Source: Indiatimes
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