Foxconn to Invest Rs 1,600 Crore in Tamil Nadu to Set Up Mobile Components Manufacturing Facility – News18

In a serious increase to the electronics manufacturing sector in Tamil Nadu, Taiwanese electronics large Foxconn has signed a Letter of Intent (LoI) with the state authorities to arrange a brand new cell elements manufacturing facility at a price of Rs 1,600 crore.

The CEO and chairman of Hon Hai Technology Group, Foxconn, Young Liu, met with Tamil Nadu Chief Minister MK Stalin and Industries Minister TRB Rajaa. They agreed to arrange the ability, which can be situated in Kanchipuram district, and is predicted to generate 6,000 jobs.

Rajaa stated repeated investments and enlargement plans in Tamil Nadu by Foxconn, which already assembles iPhones within the state, “are a testament to the state being the top choice for manufacturing in India for major companies across the world”.

“This is a serious achievement for the state. Manufacturers who’ve seen immense success in Tamil Nadu over the previous a few years know that by investing extra within the state they may solely acquire extra. This additionally illustrates the belief international traders have within the management of our chief minister,” he added.

The minister also believes that with this proposed investment and future proposals, Tamil Nadu is expected to significantly increase its electronics exports in the coming years which will play a critical role in attaining Stalin’s ambition of a $1 trillion economy in the state.

In July, Foxconn proposed to invest Rs 8,800 crore in Karnataka to set up a supplementary plant to its proposed unit in the Devanahalli ITIR region. The plant, which is expected to be located in Tumakuru, will manufacture screens, outer coverings, and mechanical components for phones.

The proposal, which is expected to create 14,000 jobs in Karnataka, was discussed during a meeting between Karnataka Chief Minister Siddaramaiah and a delegation led by Foxconn Industrial Internet CEO Brand Cheng.