Taiwan's Foxconn to invest USD 194 million in a new plant in India's Tamil Nadu
Foxconn invests 16 billion rupees in Tamil Nadu for a new electronic components manufacturing facility, creating 6,000 jobs in Chennai.
Foxconn, a Taiwanese electronics manufacturing giant, has signed a deal with the Indian state of Tamil Nadu to invest Rs 16 billion (USD 194 million) in a new electronic components manufacturing facility. The facility will be built in the Kancheepuram district near the state capital of Chennai and will create 6,000 jobs.
The new facility will be separate from the sprawling campus near Chennai where Foxconn assembles Apple's iPhones. Foxconn Chairman Young Liu told reporters in Tamil Nadu that the company currently employs about 40,000 workers in its facility near Chennai.
Liu has been in India to attend the federal government's semiconductor conference that ended on Sunday. Foxconn also signed a research and innovation agreement with the Indian Institute of Technology, Madras and the state government's investment arm Guidance on Monday. The partnership aims to bring more high-value tech to the state via Foxconn.
Tamil Nadu is keen to move up the value chain in electronics and the new Foxconn facility is a step in that direction. The state government is also offering incentives to attract more investment in the electronics sector.
The investment by Foxconn is a significant boost for the Indian electronics manufacturing sector. The new facility will create much-needed jobs and help to boost the state's economy. The partnership with IIT Madras and Guidance is also a positive development as it will help to develop the state's talent pool and attract more investment.
The investment by Foxconn is a sign that India is becoming an attractive destination for electronics manufacturing. The government's focus on the sector and the availability of a skilled workforce are key factors that are driving investment.
It is expected that more companies will follow Foxconn's lead and invest in India in the coming years. This will help to create jobs, boost the economy, and make India a global leader in electronics manufacturing.