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Foxconn to set up new plant in Tamil Nadu
Foxconn Industrial Internet (FII), a China-based subsidiary of Foxconn engaged in the research, development, manufacture, and sale of electronic equipment, will build the new facility in the state’s Kancheepuram district. Construction work is likely to be completed by the end of next year. FII did not say if the new unit will make components for iPhones or for other firms.
Foxconn, a Taiwanese contract manufacturer, will be setting up a new electronic components manufacturing facility in Tamil Nadu.
Foxconn signed a deal with the state government to invest 194 million dollars. The proposed facility is likey to create more than six thousand jobs.
The Taiwanese giant, who recently backed out of a 19.5 billion dollars joint venture with Vedanta for setting up a chip making unit, said that it was committed to establishing a cutting edge electronic component manufacturing facility in the Southern state.
Hailing the proposed facility, Tamil Nadu Chief Minister M. K. Stalin said that Foxconn also evinced interest in investment in EV and electronic components. ‘’Another milestone in our ambition to make Tamil Nadu the new emerging electronics manufacturing hub of Asia,’’ Stalin wrote on Twitter.
Foxconn also signed a research and innovation agreement with the Indian Institute of Technology Madras (IIT-M) to share knowledge and best practices in advanced technologies.
Foxconn Industrial Internet (FII), a China-based subsidiary of Foxconn engaged in the research, development, manufacture, and sale of electronic equipment, will build the new facility in the state’s Kancheepuram district. Construction work is likely to be completed by the end of next year. FII did not say if the new unit will make components for iPhones or for other firms.
Foxconn already operates a facility in Sriperumbudur near Chennai, where it assembles Apple iPhones. Foxconn Chairman Young Liu, who met with the Tamil Nadu chief minister during the day, said the facility currently employs around 40,000 workers. Foxconn planned to increase the workforce at its Tamil Nadu iPhone factory by four times in a push to diversify from China, Reuters reported last year.
Foxconn is also investing around $500 million to set up manufacturing plants in the southern Indian state of Telangana, the IT ministry of the state announced in May this year. Earlier, Bloomberg reported Foxconn was planning to invest $700 million in a new factory in Karnataka state. Earlier this month
