Bhagwati Products Limited, the electronics manufacturing company associated with Micromax, has received approval under the Indian government’s Electronics Component Manufacturing Scheme (ECMS) for projects involving a combined investment of ₹1,015 crore in display manufacturing and precision moulding.
The approval from the Ministry of Electronics and Information Technology (MeitY) covers a ₹450 crore display manufacturing project and a ₹565 crore precision moulding project. Both initiatives are expected to begin production in 2026 and are aimed at expanding domestic capabilities in electronics components.
The display manufacturing project will be carried out through TXD India Technology Pvt. Ltd., in which Bhagwati Products recently acquired a 51% stake. The transaction has already received approval under Press Note 3 of India’s foreign direct investment framework.
Production will take place at TXD India’s existing facility in Bawal, Rewari, Haryana. The plant is expected to initially manufacture 1.5 million mobile phone displays per month. Bhagwati Products plans to increase capacity to between 3 million and 4 million displays per month over the longer term.
The company also plans to eventually expand the facility’s capabilities into automotive displays, potentially broadening its exposure to a segment driven by increasing electronics content in vehicles.
The second project involves an investment of ₹565 crore in precision moulding at Bhagwati Products’ facility in Greater Noida. Precision moulding is used to produce components and enclosures with tight dimensional requirements and is an important manufacturing capability for electronics products.
The investment is intended to expand Bhagwati Products’ component manufacturing portfolio as the company moves further into higher-value areas of the electronics supply chain.
Rahul Sharma, co-founder of Bhagwati Products, said the investments would support the development of domestic capabilities in areas where India continues to have limited manufacturing capacity.
“India’s manufacturing journey is now moving beyond assembling finished products,” Sharma said, adding that the company intends to build capabilities across the electronics component value chain.
The two projects are also expected to create additional employment as production ramps up. Bhagwati Products said its overall workforce is expected to exceed 10,000 employees following the expansion.
The investments come as India seeks to deepen its domestic electronics manufacturing ecosystem and increase local value addition. Government policies have increasingly focused on developing component manufacturing alongside the assembly of finished electronics, with displays, mechanical components and other inputs forming key parts of that effort.
For Bhagwati Products, the projects represent an expansion beyond large-scale device manufacturing into components and precision manufacturing. The company said domestic capabilities in display production and precision moulding remain relatively limited, creating an opportunity to build local supply capacity.
The company also plans to use international partnerships to bring established technologies, processes and manufacturing expertise into India. Such collaborations are intended to accelerate the development of production capabilities while integrating Indian facilities into broader electronics supply chains.
Bhagwati Products has recently crossed ₹17,000 crore in revenue, according to the company. The latest investments add to its expanding manufacturing footprint as it seeks to serve electronics brands across a broader portion of the product and component value chain.
Founded in 2010 by promoters associated with Micromax, Bhagwati Products developed alongside India’s growing mobile phone and electronics market. The company played a role in expanding domestic manufacturing capacity during the rapid adoption of smartphones and other consumer electronics.
The ECMS approval comes as India attempts to move its electronics sector further upstream, from assembly toward component production and advanced manufacturing. For companies such as Bhagwati Products, investments in displays and precision moulding could provide a pathway to greater domestic value addition while reducing reliance on imported components.
With the two projects expected to start production this year, the company is set to add new manufacturing capabilities in Haryana and Greater Noida while expanding its role in India’s broader electronics component ecosystem.
