Bhagwati Products deepens electronics component manufacturing push
Bhagwati Products will invest Rs 1,015 crore in display manufacturing and precision moulding after securing government approval for two projects aimed at expanding domestic production of critical electronics components.
The Ministry of Electronics and Information Technology has cleared the projects under the Electronics Component Manufacturing Scheme, marking a significant expansion by the Micromax-linked electronics manufacturer beyond large-scale device assembly into component production. The investment comprises Rs 450 crore for display manufacturing and Rs 565 crore for precision moulding.
Display manufacturing will be undertaken through TXD India Technology Private Limited, following Bhagwati Products’ acquisition of a 51% stake in the company. Regulatory approval required under Press Note 3 has also been obtained for the transaction.
The company plans to manufacture mobile phone displays at TXD India’s existing facility in Bawal in Haryana’s Rewari district. Initial production capacity is projected at about 1.5 million display units a month, with plans to raise this to between three million and four million units monthly as demand and operations expand. Automotive displays are expected to become a subsequent area of production.
Precision moulding, which accounts for the larger share of the new investment, will be developed at Bhagwati Products’ Greater Noida facility. The Rs 565-crore project is intended to create in-house capabilities for manufacturing precision components used across electronics products, reducing dependence on externally sourced parts and strengthening the company’s position deeper within the supply chain.
Both projects are scheduled to begin production during 2026. Their commissioning is expected to generate additional manufacturing employment and take Bhagwati Products’ total workforce beyond 10,000 employees.
Co-founder Rahul Sharma said the investments reflected a shift in the country’s electronics sector from assembling finished devices towards creating capabilities across the component value chain. He said display manufacturing and precision moulding were areas where domestic production capacity remained limited and would be important to the broader electronics manufacturing strategy.
The expansion comes as policymakers increasingly focus on raising local value addition after rapid growth in smartphone and electronics assembly. The Electronics Component Manufacturing Scheme is designed to encourage investment in components, sub-assemblies, materials and capital equipment that form the upstream foundations of electronics production.
A tranche of ECMS approvals announced earlier this year covered 29 proposals involving projected investment of Rs 7,104 crore and anticipated production worth Rs 84,515 crore, with more than 14,000 direct jobs expected. Approved categories included display modules, flexible printed circuit boards, capacitors, connectors, lithium-ion cells, inductors and rare-earth permanent magnets.
Bhagwati Products has been scaling rapidly alongside the expansion of electronics contract manufacturing. The company crossed the Rs 17,000-crore revenue milestone in 2026 after revenues climbed from about Rs 620 crore in FY24 to Rs 6,200 crore in FY25. Smartphones remain its largest business, supported by manufacturing capacity of as many as 40 million units annually and production relationships with brands including Vivo, OPPO and Lenovo.
Its strategy has progressively widened beyond smartphone assembly towards design, engineering, components, memory technology and advanced manufacturing. The company has also strengthened product development and engineering through its partnership with electronics original-design manufacturer Huaqin, giving it access to technology and production expertise needed to compete for larger global manufacturing programmes.
The display investment is particularly significant because displays remain among the higher-value assemblies within smartphones and other connected devices. Establishing larger domestic capacity could allow manufacturers to increase locally sourced content while shortening supply chains for high-volume handset production.
Precision moulding similarly supports components requiring tight manufacturing tolerances and consistent quality across large production runs. Such capabilities can serve smartphones as well as consumer electronics, IT hardware and automotive products, giving Bhagwati Products scope to diversify production as its component operations mature.
The Ministry of Electronics and Information Technology has cleared the projects under the Electronics Component Manufacturing Scheme, marking a significant expansion by the Micromax-linked electronics manufacturer beyond large-scale device assembly into component production. The investment comprises Rs 450 crore for display manufacturing and Rs 565 crore for precision moulding.
Display manufacturing will be undertaken through TXD India Technology Private Limited, following Bhagwati Products’ acquisition of a 51% stake in the company. Regulatory approval required under Press Note 3 has also been obtained for the transaction.
The company plans to manufacture mobile phone displays at TXD India’s existing facility in Bawal in Haryana’s Rewari district. Initial production capacity is projected at about 1.5 million display units a month, with plans to raise this to between three million and four million units monthly as demand and operations expand. Automotive displays are expected to become a subsequent area of production.
Precision moulding, which accounts for the larger share of the new investment, will be developed at Bhagwati Products’ Greater Noida facility. The Rs 565-crore project is intended to create in-house capabilities for manufacturing precision components used across electronics products, reducing dependence on externally sourced parts and strengthening the company’s position deeper within the supply chain.
Both projects are scheduled to begin production during 2026. Their commissioning is expected to generate additional manufacturing employment and take Bhagwati Products’ total workforce beyond 10,000 employees.
Co-founder Rahul Sharma said the investments reflected a shift in the country’s electronics sector from assembling finished devices towards creating capabilities across the component value chain. He said display manufacturing and precision moulding were areas where domestic production capacity remained limited and would be important to the broader electronics manufacturing strategy.
The expansion comes as policymakers increasingly focus on raising local value addition after rapid growth in smartphone and electronics assembly. The Electronics Component Manufacturing Scheme is designed to encourage investment in components, sub-assemblies, materials and capital equipment that form the upstream foundations of electronics production.
A tranche of ECMS approvals announced earlier this year covered 29 proposals involving projected investment of Rs 7,104 crore and anticipated production worth Rs 84,515 crore, with more than 14,000 direct jobs expected. Approved categories included display modules, flexible printed circuit boards, capacitors, connectors, lithium-ion cells, inductors and rare-earth permanent magnets.
Bhagwati Products has been scaling rapidly alongside the expansion of electronics contract manufacturing. The company crossed the Rs 17,000-crore revenue milestone in 2026 after revenues climbed from about Rs 620 crore in FY24 to Rs 6,200 crore in FY25. Smartphones remain its largest business, supported by manufacturing capacity of as many as 40 million units annually and production relationships with brands including Vivo, OPPO and Lenovo.
Its strategy has progressively widened beyond smartphone assembly towards design, engineering, components, memory technology and advanced manufacturing. The company has also strengthened product development and engineering through its partnership with electronics original-design manufacturer Huaqin, giving it access to technology and production expertise needed to compete for larger global manufacturing programmes.
The display investment is particularly significant because displays remain among the higher-value assemblies within smartphones and other connected devices. Establishing larger domestic capacity could allow manufacturers to increase locally sourced content while shortening supply chains for high-volume handset production.
Precision moulding similarly supports components requiring tight manufacturing tolerances and consistent quality across large production runs. Such capabilities can serve smartphones as well as consumer electronics, IT hardware and automotive products, giving Bhagwati Products scope to diversify production as its component operations mature.