A subsidiary of Foxconn, a Taiwan-based company said to be the world’s largest technology manufacturer, is reportedly having discussions with Tamil Nadu state to invest $200 million to set up a new plant for electronics components.
Last week, state officials of Tamil Nadu, headed by the Chief Minister and the CEO of Foxconn Industrial Internet (FII) Brand Cheng met to discuss the said investment that they want to make in the state, according to several reports. The government informed about the same in a statement. However, not much was elaborated upon at the time.
A source close to Economic Times revealed that Foxconn Industrial Internet shared their willingness with the state officials and shared that they want to invest $180-$200 million in the facility that they want to set up here.
Also read: iPhone 16 Pro Max will be made in India, shockingly without Foxconn’s help
However, there has not been an official comment on the same by Foxconn Industrial Internet. Neither are we sure if the new plant will be used for manufacturing Apple iPhones or products for some other company. As we await more information on this deal, Foxconn already has a huge campus near Chennai City in Tamil Nadu where Apple’s iPhones are assembled.
If the talks are successful, Foxconn is aiming at a completion by 2024, and further investments will be flown in later on, according to sources. Not just Tamil Nadu, according to sources, the Foxconn group is also willing to invest in the western state of Gujarat. They are also in talk with the state and wish to enter the Indian semiconductor business.
Also read: Apple AirPods will be made in Telangana, thanks to new Foxconn plant
Even Karnataka state mentioned that just last week they had a sitting with Foxconn Industrial Internet (FII) and they even committed to invest $1.07 billion to set up a new plant in the state, reported Economic Times.
It seems that Foxconn has big plans to expand in India and are looking at all possible alternatives. This is great news for India's manufacturing aspirations, especially in the specialized electronics segment.
from General News https://ift.tt/foNEpsH
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