A division of Foxconn, a contract electronics manufacturer, is reportedly in discussions with the Tamil Nadu government to invest $200 million in the state for establishing a new electronic components plant.
Foxconn already has a presence in Tamil Nadu, near Chennai, where they currently assemble Apple’s iPhones.
Foxconn’s Tamil Nadu connect
Last week, the CEO of Foxconn Industrial Internet, Brand Cheng, and other company representatives held meetings with Tamil Nadu officials, including Chief Minister MK Stalin, to explore investment opportunities in the state.
As per reports from Reuters, the company presented a plan to invest an initial sum of $180-200 million in the facility. However, it remains uncertain whether the components produced at this new plant will be utilized for iPhones or other products manufactured by the company.
The proposed plant is scheduled to be completed by 2024, and there are potential plans for further investments, though a final decision has not been reached yet.
Foxconn also exploring options in Gujarat
Apart from Tamil Nadu, Foxconn is also in negotiations with Gujarat as it endeavours to venture into India’s semiconductor sector. Foxconn Chairman Young Liu is expected to deliver a speech at an annual semiconductor event organized by the Indian government this week.
Furthermore, the Karnataka state government also engaged in discussions with Foxconn about the company’s intention to invest $1.07 billion in establishing another new plant.
Meanwhile, Foxconn decided to withdraw from a $19.5 billion chips joint venture with Vedanta, stating that the project was not progressing as expected. Despite this, Foxconn affirmed its commitment to India, explaining that both parties recognized the challenges and external factors that hindered smooth progress in the joint venture.
from Firstpost Tech Latest News https://ift.tt/S8fMaUx
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