US-based multinational technology company Corning has announced plans to set up a $113m Gorilla Glass manufacturing facility in the Indian state of Telangana.
The announcement follows a meeting between Telangana’s Minister for IT, electronics and communication, KT Rama Rao, global operations executive Ravi Kumar and Sarah Cartmell, director of government affairs at Corning.
The proposed facility in Telangana is expected to generate 800 new jobs. Telangana accounts for 6% of the electronic production in India, with more than 250 companies employing over 50,000 people across different industry sub-segments there.
“Happy to share that Corning, one of the world’s leaders in material sciences, has decided to invest in Telangana to set up a manufacturing plant to make Gorilla Glass for smartphones, for the first time in India,” Rao said in a post on Facebook. “The investment size of ₹934 Crore will employ 800 people but more importantly [it is] a strategic investment in manufacturing for smartphones and other electronic devices.”
News about the factory comes amid a difficult period for Corning, with the company reporting $303m in net income during the second quarter of 2023, down 48% from the same period in 2022 ($584m).
However, business sales grew by 3% in the second quarter, prompting the company’s executive vice-president and chief financial office, Ed Schlesinger, to comment: “Looking ahead, we will continue improving profitability and cash generation in the second half of 2023 despite our current sales outlook. Overall, we remain well positioned to capture upside, and as sales grow, we’ll drive strong operating leverage.”
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Corning is a tech company with more than 51,000 employees and 18 research and development labs across North America, Europe and Asia. In September 2022, it opened an optical fibre factory in Mszczonów, Poland, in response to the growing demand for high-speed connectivity in Europe. The investment in Mszczonów will create jobs for around 250 people.