US manufacturer Flex to invest additional Rs 62 crore for capacity creation

NEW DELHI: US-based contract manufacturer Flex will invest about Rs 62 crore towards creating capacity for Huawei in its Chennai plant, even as it looks to increase business from India by diversifying into internet of things (IoT), wearables and other segments including automotive, instead of relying on telecom equipment alone.

The company, which has invested over 'couple of $100 million' in India since 1996, has kept aside 100 acres to scale up operations as it gets more contracts from local players in mobile phone and other verticals, top executives told ET.

"If you look at carrier spend globally, it's going flat to down and most traditional spend even from carriers has gone to data centre," said Jeff Reece, head of Flex telecom segment. Flex considers India an important market.