Foxconn Industrial Internet (FII), a subsidiary of the Taiwanese electronics manufacturing giant Foxconn, is proposing an investment of up to $200 million to establish an electronic components plant in the southern Indian city of Chennai.
According to Reuters, the CEO of FII, Brand Cheng, and other corporate representatives met last week with MK Stalin, Chief Minister of Tamil Nadu, and other government leaders are to discuss the investment.
The Taiwan-based corporation plans to finish constructing the plant by 2024, followed by additional expenditures anticipated. However, the final decision is yet to be concluded.
Currently, Foxconn assembles iPhones for Apple at a unit not far from Chennai.
This development comes a week after the south Indian state of Karnataka announced that FII had agreed to invest $1.07 billion in a new facility. Foxconn is also in discussion with officials from the western Indian state of Gujarat, where it looks to enter India’s semiconductor sector.
Just a few weeks back, Foxconn had withdrawn from a $19.5 billion semiconductor joint venture with Vedanta, a company supported by billionaire Anil Agarwal, claiming “the project was not moving fast enough”.
The Taiwanese electronics manufacturer stated that it was attempting to submit a separate application for the establishment of a semiconductor facility in India.
(With inputs from Reuters)
For all the latest business News Click Here
