Live
- From progress to prosperity: India’s economic momentum shatters ‘xenophobia’ myths
- Tihar Jail prisoner stabbed to death by another inmate
- Congress leader Raj Babbar files nomination for Gurgaon LS seat
- Brijesh, Aryan among seven Indians to enter finals at Asian U-22 & Youth Boxing Championships
- Meitei and Kuki-Zomi organisations mark one year of ethnic conflict in Manipur in separate events
- Will have the last laugh in this case: West Bengal Governor Ananda Bose
- FM Sitharaman trashes media report on changes in income tax rules after LS polls
- RBI tweaks rules to cut risk banks face in exposure to capital markets
- Claude AI App: How to Download and Use the ChatGPT Competitor on iPhones
- Byju's pays April salary in full, except to sales employees
Foxconn to invest Rs 1,600 cr in TN mfg facility
New Delhi: The Foxconn Industrial Internet (FII), a Foxconn unit, on Monday signed an agreement with Tamil Nadu to build a new facility for electronic...
New Delhi: The Foxconn Industrial Internet (FII), a Foxconn unit, on Monday signed an agreement with Tamil Nadu to build a new facility for electronic components that will create 6,000 new jobs, the state government said in a statement.
FII plans to invest Rs 1,600 crore to build a campus in the Kancheepuram district, near Chennai. The facility will be separate from the current sprawling campus near Chennai where Foxconn assembles Apple's iPhones and employs more than 35,000 people, a source said. The state government, which did not immediately respond to a request for comment, said on LinkedIn on Monday morning a "big announcement" was expected during the day that would mean Tamil Nadu would retain its "top position as India's Electronics Powerhouse."
The Foxconn subsidiary was in talks with Tamil Nadu about the investment, with the company aiming for the plant's completion in 2024. Foxconn's FII makes electronic devices, cloud service equipment and industrial robots. It was not immediately clear if the new India plant would make components for iPhones or for other companies, or both.
Prime Minister Narendra Modi last week said that India is “rolling out the red carpet” for the semiconductor industry, as he invited global semiconductor majors to invest in India. He said whosoever comes forward will have a “first mover’s advantage.”
Foxconn's "biggest site in India" may have a role that goes beyond production, according to group's chairman Young Liu. "We have many developments in our production sites — we have six or seven buildings under construction," Liu said, adding: "I'm happy to see that it's going well and we've got a lot of support from the government."
"We have more than 40,000 workers altogether as of today, so this is definitely an important base for us to grow on," said Liu while speaking to the media in Chennai, following the agreement with Tamil Nadu. "With Tamil Nadu's talent pool, we can do not just production but Research and development (R&D) in Tamil Nadu," Liu added.
