New Delhi, Jul 30 (PTI) Telecom Manufacturing Zone being set up in Gwalior is likely to attract Rs 10,000-12,000 crore investment over two phases, Union Minister Jyotiraditya Scindia said on Thursday.
The Department of Telecom and the Madhya Pradesh government have signed a memorandum of understanding (MoU) to set up a Telecom Manufacturing Zone on 170 acres in Gwalior.
“We expect total investment in the Telecom Manufacturing Zone will be in the range of Rs 10,000-Rs 12,000 crore by the end of the second phase,” Scindia said.
The government had set an investment target of Rs 2,000 crore and employment opportunities for around 4,500 people in the first phase of the project.
However, investors at a roundtable held immediately after the MoU signing
event committed an investment of around Rs 3,500 crore and employment opportunities for around 14,500 people.
As many as 14 companies have announced investment in the Telecom Manufacturing Zone. HFCL committed an investment of Rs 700 crore, Dixon Technologies Rs 200 crore, VVDN Rs 500 crore, Optiemus Infracom Rs 150 crore, Sparsh CCTV Rs 300 crore, Syrma SGS Rs 250 crore, Lava International Group Rs 130 crore and Paramount Cable committed an investment of Rs 200 crore, among others.
The TMZ will operate through a special purpose vehicle in which the state government will hold 51 per cent stake and 49 per cent will be held by the Centre.
Madhya Pradesh Chief Minister Mohan Yadav said the scheme for TMZ is in line with the government’s vision to make the country self-reliant.
Minister of State for Communications Pemmasani Chandrasekar said India has grown multifold in terms of mobile phones and electronics exports, but still only around 20 per cent of the components used in them are made in India.
“80 per cent (components) are still being imported, which is worth almost USD 116 billion. We want to design in India. We hope this zone will create an ecosystem for component manufacturers, startups, R&D, testing labs, logistics, and skilled employment, and hopefully with our ambition to design very clearly in India, manufacture in India, but export to the rest of the world,” he said.
Telecom Secretary Amit Agrawal said by encouraging domestic production, promoting innovation and developing resilient supply chains, TMZ will help India progress from being one of the world’s largest telecommunications markets to enabling India towards becoming a centre for telecom design, development and manufacturing. “We will bring our sectoral knowledge, policy experience and institutional support to help create an enabling environment for investors and ensure successful outcomes. This zone is also an excellent example of cooperative federalism demonstrating how the union and state governments can work together in partnership with industry to enable innovation and enterprise for sustainable economic growth,” he said.
DoT Deputy Director General AK Bhardwaj said Madhya Pradesh has offered another 500 acres for expansion of TMZ, which will support growth plans of units investing in TMZ. PTI PRS PRS BAL BAL
