Micromax’s Bhagwati Products receives ECMS approval; to invest Rs 1015 crore in display manufacturing and precision moulding
Bhagwati Products Limited, one of India’s leading electronics manufacturing companies, received approval from the Ministry of Electronics and Information Technology (MeitY) under the Government of India’s Electronics Component Manufacturing Scheme (ECMS) for display manufacturing and precision moulding, involving a total investment of INR 1,015 crore across the two projects.
The display manufacturing initiative with an investment outlay of INR 450 crore will be undertaken through TXD India Technology Private Limited, following Bhagwati Products Limited’s recent acquisition of a 51% stake in TXD India, for which the company has already received Press Note 3 approval. As part of this initiative, Bhagwati Products will manufacture mobile phone displays at TXD India’s existing facility in Bawal, Rewari, Haryana, with an initial capacity of 1.5 million displays per month. The company plans to scale this capacity to 3-4 million displays per month over the long term and subsequently expand into the automotive display segment.
Further, the precision moulding services, with an investment of INR 565 crores, will be undertaken at the Greater Noida facility. This is aimed at strengthening the company’s capability as part of its broader strategy to expand its portfolio for electronics component manufacturing. Both projects expected to commence production this year, are expected to generate additional employment opportunities across manufacturing facilities and take the overall strength to over 10,000 employees.
Commenting on the development, Rahul Sharma, Co-founder of Bhagwati Products Limited, said, “India’s manufacturing journey is now moving beyond assembling finished products. Our INR 1,015 crore investment in display manufacturing and precision moulding – two critical areas where India requires domestic capabilities – is an important step to support the country’s growing electronics manufacturing goal. Aligned with the vision laid out by our honourable PM Shri Narendra Modi Ji, our ambition is to build capabilities across the component value chain. These projects, therefore, are much more than investments but open new avenues to serve India’s growing demand for electronics and strengthen the country’s position as a trusted manufacturing partner in global supply chains.”
India’s electronics manufacturing ecosystem has seen strong growth in recent years, with investments helping build capabilities across the component value chain and support the country’s push for greater domestic manufacturing. The new investments build on Bhagwati Products’ rapid growth and expanding manufacturing footprint, with the company having recently crossed the INR 17,000 crore revenue milestone.
As Bhagwati scales beyond large-scale device manufacturing into components and advanced manufacturing, these initiatives address a critical gap in India’s electronics ecosystem, where domestic capabilities in display manufacturing and precision moulding remain limited. By leveraging global partnerships to bring proven technologies, processes and expertise into India, Bhagwati Products is building these capabilities locally and strengthening its position across the electronics value chain. The move is aligned with the company’s broader ambition to expand its manufacturing footprint, deepen domestic value addition and emerge as a more integrated electronics manufacturing platform for global brands.
