The plant is expected to provide employment to 6,000 people over the next 3-4 years, said property consultancy JLL India, which facilitated the transaction.
“It is a great opportunity for the country to become one of the biggest manufacturing hubs in Asia,” said Vijendra Babu N, managing director, Micro Plastics India. “With this investment in Hosur, we will be able to provide employment to thousands of people in this micro-market. We will witness a growth of 300% in the coming 3-4 years.”
Sector-specific micro-clusters for segments such as toy making, among others, have opened new sectoral investments in the industrial hub of Hosur.
“Game-changing government initiatives and cleverly placed incentives to attract investments have increased India’s competitive position in the global manufacturing landscape,” said Sanjay Bajaj, managing director, logistics & industrial, India JLL, and MD, Pune, JLL.
According to Bajaj, the growth of the overall logistics network and large-scale infrastructure development from the perspective of facilitating trade and movement of goods have proved to be the catalysts of progress for manufacturing, speeding up penetration into smaller cities like Hosur.
Due to the industry friendly policies, speed of approvals and compliance of Tamil Nadu, and its proximity to Bengaluru, Hosur has attracted investments in the recent past and has established itself as a hub for many electric vehicles and other manufacturing companies that get the advantage of setting up industrial units in Tamil Nadu while retaining their head offices in Karnataka‘s capital city.