Delta Electronics to invest Rs. 1,400 crore in India, hire 5,400.

Taiwan-based Delta Electronics will invest $225 million (about Rs. 1,460 crore) in setting up a power supply manufacturing plant and product development center in India next year.

'We are in the process of acquiring land in Tamil Nadu for setting up power supply manufacturing unit. We expect land title to be transferred to us by November. First set of investment of $150 million of the total commitment will be made next year,' Delta India Electronics Managing Director Dalip Sharma said at Renewable Energy India Expo.

The investment is part of the $500 million investment commitment made by the company's CEO Ping Cheng at Digital India event held in July.

Sharma said that Delta will hire 5,000 people for working at this plant over period of next five-seven years.

'We expect to approach Department of Electronics and IT for approval under MSIPS by end of this year,' Sharma said.

The Modified Special Incentive Package Scheme (MSIPS) provides subsidy for investments in capital expenditure, which is 20 per cent for investments in special economic zones (SEZs) and 25 per cent in non-SEZs. It also provides for reimbursement of countervailing duty or excise for capital equipment for the non-SEZ units.

The company already has a manufacturing unit at Rudrapur in Uttarakhand.

ET