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MeitY clears Rs 5,500 crore electronic parts manufacturing investment
The Centre on Monday approved Rs 5,532 crore of investments from several companies, including Kaynes Circuits India and SRF, under the electronic component manufacturing scheme (ECMS).
Among the other companies getting the federal nod include Syrma Strategic Electronics and Ascent Circuits.
The companies selected in the first tranche of ECMS have committed to cumulatively produce Rs 36,559 crore of electronic components, including multi layer printed circuit boards, copper clad laminates (CCLs), optical transceivers and other electronic components, from seven projects.
The approved units are spread across Tamil Nadu, Andhra Pradesh and Madhya Pradesh, and will create over 5,100 direct jobs. Products from these units will establish trusted supply chains for the defence, telecom, electric vehicles, and renewable energy sectors.
In a key development, the new electronics manufacturing units will meet the 100% of the domestic demand for CCLs, electronics and IT minister Ashwini Vaishnaw said. Providing the insulating substrate and conductive copper layers, these form the basic structure for electronic circuits. Mostly imported from China, its price is now rising by 8-9% every alternate month, ET reported last month.
"Once we add the design input that is going into domestic value addition, combined with all the plants planned under ECMS, domestic value addition will go to about 40% over the next few years," Vaishnaw said.
Upto 20% of the demand for printed circuit boards (PCB) and 15% of the demand for camera modules will also be met from the upcoming units, Vaishnaw said. Overall, 60% of the production from the approved projects is set to be exported, he added.
Kaynes Circuits India Pvt Ltd, the wholly owned subsidiary of Mysuru-based Kaynes Technology Ltd has committed the highest investment, at Rs 3,280 crore for four projects. Kaynes will set up a factory in Chennai, construction for which is set to finish by March, 2026, Ramesh Kannan, Executive Vice Chairman of Kaynes Technology India Ltd said. "We will be producing multi-layered and HDI-PCBs, as well as camera modules at this unit. Copper laminates are about 24 months away, but we have lined up the partnership to set up a unit for it in Tuticorin," he said.
Syrma Strategic Electronics Pvt Ltd, the wholly-owned subsidiary of Mumbai-based Syrma SGS Technology Limited will invest Rs 765 crore to produce multi layer PCBs. The investment is based in Syrma's upcoming factory in Andhra Pradesh, the groundbreaking of which will take place next month, Jasbir Singh Gujral, Managing Director of Syrma SGS said.
A Rs 991 crore investment proposal by Amber group-subsidiary Ascent Circuits Pvt Ltd to manufacture PCBs in Tamil Nadu, and a Rs 496 crore proposal by SRF Limited to manufacture polypropylene film, used to produce capacitors, in Madhya Pradesh, make up the first batch of ECMS approvals.
Officials said other winning applications will be announced in multiple batches going forward. "It's an ongoing process. The applications are being cleared expeditiously, based on the demand-supply dynamics in the global economy for the components in question," a MeitY official said.
The Centre received 249 applications with proposed investments surpassing Rs 1,15,351 crore under ECMS, buoyed by interest from smaller manufacturers, the MeitY had announced in early-October, two days after the application deadline for ECMS closed on September 30. The response was nearly double the targeted Rs 59,350 crore under the scheme. Approved with an outlay of Rs 22,919 crore, the scheme is set to yield electronics components of about Rs 10,34,700 Crores in the next six years, 2.2-times the targeted Rs 4,56,000 crore worth of production.
Source: EconomicTimes
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