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Foxconn, Taiwan's electronics giant, is set to inject a $194.45 million investment into India's technology sector by building new electronic component factories in Tamil Nadu. This project, expected to generate over 6,000 jobs by 2024, aims to elevate the region's value chain in electronics.
The local government of Tamil Nadu confirmed on Monday, July 31, that it has agreed with Foxconn. The officials also shared the company's plan to invest Rs 1,600 crore, or about $194.45 million, to construct a campus in the Kancheepuram district.
According to Reuters, the new manufacturing facility is expected to generate at least 6,000 new jobs. A source from the government said the details of the deal between Foxconn Hon Hai (FHH) and Tamil Nadu are still confidential. The facility will not be part of Foxconn's campus near Chennai, where the company assembles Apple's iPhone units.
The cooperation aims to bring more high-value technology to Tamil Nadu through Foxconn. "Tamil Nadu wants to move up the value chain in electronics," a source stated. In any case, the target date for the completion of the factories is 2024.
The Indian state's minister for industries, Thalikottai Rasuthevar Baalu Rajaa, better known as Dr. T. R. B. Rajaa, also said that this project with the Taiwanese electronics company is a major achievement for Tamil Nadu.
"Tamil Nadu has continued to impress investors and it's nice to see companies that have already invested, re-investing in Tamil Nadu," CNBC TV18 quoted Rajaa. "That reinforces the faith they have in us, and that is more important to us than new people coming in."
Finally, Foxconn's chairman and president, Young Liu, further shared that the new facility will be India's biggest site. He added that they may even use the plant beyond production.
"We have more than 40,000 workers altogether as of today, so this is definitely an important base for us to grow on," Liu told the media after the announcement of the proposed Rs 1,600-crore investment. "With Tamil Nadu's talent pool, we can do not just production but Research and development (R&D) in Tamil Nadu."
Photo by: iphonedigital/Flickr (CC BY-SA 2.0)
