Singapore-based Flextronics International Ltd., leading electronics makers, plans to set up an industrial park in southern India with an investment of about US$100 million (Ђ82 million), government and company officials said.
The investment would be made over the next five years under an agreement signed Thursday between the company and the government the Tamil Nadu state, where the park is to be located, The Hindu newspaper reported Friday.
"This industrial park in Chennai will significantly enhance Flextronics' strategic global footprint, enabling us to ... better serve our customers," Flextronics Chief Operating Officer Michael McNamara said in a statement on the company's web site. The city of Chennai is also known as Madras.
McNamara said the "announcement underscores our commitment to this increasingly important region and the needs of our customers looking to serve the India marketplace." Production at the industrial park is expected to begin by June 2006, a company statement said. The company has similar industrial parks in Brazil, China, Hungary, Mexico and Poland, reports the AP. I.L.