In a major boost to the electronics manufacturing sector in Tamil Nadu, Taiwanese electronics giant Foxconn has signed a Letter of Intent (LoI) with the state government to set up a new mobile components manufacturing facility at a cost of Rs 1,600 crore.
The CEO and chairman of Hon Hai Technology Group, Foxconn, Young Liu, met with Tamil Nadu Chief Minister MK Stalin and Industries Minister TRB Rajaa. They agreed to set up the facility, which will be located in Kanchipuram district, and is expected to generate 6,000 jobs.
Rajaa said repeated investments and expansion plans in Tamil Nadu by Foxconn, which already assembles iPhones in the state, “are a testament to the state being the top choice for manufacturing in India for major companies across the world”.
“This is a major achievement for the state. Manufacturers who have seen immense success in Tamil Nadu over the past many years know that by investing more in the state they will only gain more. This also illustrates the trust global investors have in the leadership of our chief minister,” he added.
The minister also believes that with this proposed investment and future proposals, Tamil Nadu is expected to significantly increase its electronics exports in the coming years which will play a critical role in attaining Stalin’s ambition of a $1 trillion economy in the state.
In July, Foxconn proposed to invest Rs 8,800 crore in Karnataka to set up a supplementary plant to its proposed unit in the Devanahalli ITIR region. The plant, which is expected to be located in Tumakuru, will manufacture screens, outer coverings, and mechanical components for phones.
The proposal, which is expected to create 14,000 jobs in Karnataka, was discussed during a meeting between Karnataka Chief Minister Siddaramaiah and a delegation led by Foxconn Industrial Internet CEO Brand Cheng.
Web Title – Foxconn to Invest Rs 1,600 Crore in Tamil Nadu to Set Up Mobile Components Manufacturing Facility