Senior Officials from Taiwanese electronics contract-manufacturing firm Hon Hai Technology Group (Foxconn) met the Chief Minister of the Southern Indian state of Tamil Nadu and inked a pact to set up a $200mn facility. With the potential to create 6,000 jobs, this facility is expected to come up in the Kanchipuram district, near the capital city of Chennai. Foxconn Group Chairman Young Liu met Tamil Nadu Chief Minister MK Stalin and senior government officials regarding this deal.
The Letter of Intent (LoI) inked by Foxconn and Guidance Tamil Nadu (the state Government’s nodal agency for investment promotion), is for establishing a facility to manufacture components for mobile phones.
“Foxconn’s repeated investments and expansion plans in Tamil Nadu 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,” said Tamil Nadu’s Industries Minister TRB Rajaa.
“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. This will play a critical role in attaining our Honourable Chief Minister Thiru MK Stalin’s ambition of a One Trillion USD economy in Tamil Nadu,” he added.
Foxconn already operates an Apple iPhone assembly facility in Sriperumbudur, on Chennai’s outskirts. According to the data from the Indian government, Tamil Nadu topped the charts as the leading electronics exporter in the country. For the year 2022-23, the value of electronics exported touched $5.37bn or Rs 44,044cr.
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