China-based TV and consumer electronics maker TCL Electronics would set up a new manufacturing facility at Tirupati, Andhra Pradesh as per an agreement signed with the state government. An MoU was signed last week in China between the representatives of IT & Electronics department of the state government and TCL, a statement issued by the company said. The development is in line with TCL’s vision of building local capabilities in order to better cater to the growing market demands for home entertainment solutions across the country.
“The Tirupati unit will enable TCL to actively contribute towards the Make in India initiative by generating substantial employment opportunities for the country’s young workforce, and will also fulfill the market demand for smart consumer electronics appliances in India,” the company said. However, TCL Electronics has not shared the amount which it would invest in the proposed unit.
“Our partnership with the Andhra Pradesh government and the establishment of our Tirupati manufacturing unit would allow us to provide Indian consumers with innovative smart TVs driven by the latest cutting-edge QLED and AI technologies,” TCL India Country Manager Mike Chen said.
TCL’s announcement also underlines its plans to introduce several smart entertainment solutions within the Indian market designed to fulfill the country’s growing young consumer base. TCL has a physical presence in over 80 countries globally. During January-June 2018, TCL Electronics’ global LCD TV sales volume reached over 13.17 million, growing 37.2 per cent year-on-year.
The company also registered exceptional response in various global markets, with its overseas sales volumes increasing 44.4 per cent year-on-year to more than 8.28 million.
