Foxconn unit in talks for $200 million plant in Tamil Nadu
Foxconn Industrial Internet (FII) CEO, Brand Cheng, and other company representatives recently engaged in discussions with Tamil Nadu officials, including the state's chief minister, to explore potential investment opportunities. According to insider sources, a Foxconn subsidiary is actively negotiating with the Tamil Nadu government, considering an investment of up to $200 million in a new electronic components plant to be situated in the southern part of the state.
The investment plan presented by Foxconn outlines an initial capital injection ranging from $180 million to $200 million for the development of this state-of-the-art facility. FII, known for its expertise in manufacturing communication, mobile network, and cloud computing equipment, has already shared its investment vision with state officials.
Having already established a significant presence in Tamil Nadu, where the company currently assembles Apple's iPhones at a sprawling campus near Chennai, Foxconn's interest in the region continues to grow. However, specific details regarding whether the components produced at the proposed facility will be dedicated to iPhones or other products have not been disclosed by the sources.
The company's ambitious timeline targets the completion of the new plant by 2024, with further investments expected in subsequent phases, reflecting Foxconn's long-term commitment to fostering growth and development in the region.
As negotiations remain ongoing, both Foxconn and Tamil Nadu's industries department have maintained confidentiality around the discussions, refraining from making official statements.
Alongside its endeavors in Tamil Nadu, Foxconn is actively exploring opportunities in India's semiconductor sector. Currently in talks with officials from Gujarat state in western India, Foxconn seeks to expand its presence and investment in the dynamic Indian market. Furthermore, Foxconn's Chairman, Young Liu, is expected to address an annual semiconductor event organized by the Indian government, underscoring the company's dedication to contributing to India's technological advancement.
These developments underscore Foxconn's proactive approach to strategic investments and collaborations in India, reinforcing the country's vital role in the global technology and manufacturing landscape. The potential investments bode well for the region's economic prospects and reinforce India's appeal as a premier destination for high-tech enterprises.
Content source: Media reports