Foxconn signs Rs 1,600 crore deal to set up manufacturing facility in Tamil Nadu
By Team Newsable | First Published Jul 31, 2023, 5:33 PM ISTThe Tamil Nadu government has signed a deal with tech giant Foxconn for a Rs 1,600 crore investment to manufacture mobile phone components in the state. The facility would be set up by Foxconn International Internet (FII) according to well-informed sources at Guidance Tamil Nadu, the nodal agency that draws investments to the state.
Taiwanese electronics firm Foxconn and the Tamil Nadu government have signed a Letter of Intent (LoI) to establish a new mobile components manufacturing plant at a cost of Rs 1,600 crore, which will significantly strengthen Tamil Nadu's electronics manufacturing industry.
Was delighted to meet the Foxconn Group Chairman Mr.Young Liu and his team. Various investment opportunities in Tamil Nadu were discussed. Investment commitment to establish a mobile component manufacturing facility in Kancheepuram district for Rs. 1600 crore with a potential… https://t.co/QhP0UI86od
— M.K.Stalin (@mkstalin)Young Liu, the CEO and chairman of Foxconn and the Hon Hai Technology Group, met with TRB Rajaa, the industries minister, and MK Stalin, the chief minister of Tamil Nadu. The plant, which will be built in the Kanchipuram district and is anticipated to create 6,000 employment, was agreed to be established.
🚨 Big news and a proud moment for !
Today, in the presence of Hon’ble Thiru avargal, M/s. Hon Hai Technology Group () signed a Letter of Intent with to set up a new mobile components manufacturing facility at a cost of Rs.… pic.twitter.com/eIf0QyIbi7
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In Tamil Nadu, where Foxconn currently assembles iPhones, Rajaa said that the company's ongoing investments and development plans "are a testament to the state being the top choice for manufacturing in India for major companies across the world."
"The state has accomplished a great deal with this. Manufacturers who have enjoyed tremendous success in Tamil Nadu over the past many years are aware that increasing their investments there will only increase their profits. This further demonstrates the confidence international investors have in our chief minister's leadership," he continued.
In July, Foxconn announced plans to spend Rs 8,800 crore in Karnataka to build an additional facility in addition to the one it had planned for the Devanahalli ITIR zone. The factory, which is anticipated to be situated in Tumakuru, would produce phone screens, casings, and mechanical parts.
The idea, which is anticipated to generate 14,000 employment in Karnataka, was addressed during a meeting between Foxconn Industrial Internet CEO Brand Cheng and Karnataka Chief Minister Siddaramaiah.
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