New Delhi: Foxconn, a Taiwanese electronics major, has signed an agreement with the Tamil Nadu government to set up a mobile phone component manufacturing facility in Kancheepuram district. The facility will be built at an outlay of Rs 1,600 crore and is expected to create 6,000 jobs. The agreement was signed in the presence of Chief Minister M.K. Stalin.
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Foxconn’s second in Tamil Nadu Planned
The facility will be Foxconn’s second in Tamil Nadu, after its existing plant in Chennai that assembles iPhones. The new plant will focus on manufacturing mobile phone components such as printed circuit boards, touch screens, and camera modules.
The Foxconn team led by the Group Chairman Young Liu had met Stalin here.
“Was delighted to meet the Foxconn Group Chairman 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 1,600 crore with a potential employment for 6,000 persons was signed in my presence,” Stalin tweeted.
Further Investments in EVs Involved
“We also discussed further investments in EV (electric vehicle) and electronic components. Another milestone in our ambition to make TN the new emerging electronics manufacturing hub of Asia!” Stalin said.
According to Industries Minister T.R.B. Rajaa, the Taiwanese group’s repeated investments and expansion plans in Tamil Nadu is a testament of Tamil Nadu being the top choice for manufacturing in India for major companies across the world.
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Industries Minister T.R.B. Rajaa Praises Tamil Nadu
“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,” Rajaa tweeted.
“With this proposed investment, and many more to come, Tamil Nadu is poised to not only remain the top electronics exporter in the country, but also significantly increase its electronics exports in the coming years,” Rajaa added. Currently Foxconn has a facility near here to assemble iPhone for Apple.
Big Breaking After Foxconn-Vedanata Deal Break
Recently, Foxconn was in news as the world’s largest contract electronics maker said that it will “no longer move forward” with its $19.4 billion joint venture with Vedanta (VEDL), an Indian metals and energy conglomerate, in Asia’s third largest economy.
“Building fabs from scratch in a new geography is a challenge, but Foxconn is committed to invest in India,” the company said.
On the other hand, Vedanta, an Indian conglomerate, has said that it has already lined up other partners to set up India’s first semiconductor production plant. The company has obtained a license from a chipmaker to produce 40-nanometer chips, and will soon obtain another license for 28-nanometer chips.
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The plant is expected to be operational by 2025 and will create over 30,000 jobs. It will be a major boost for India’s electronics manufacturing sector, which is currently dominated by imports.
