Foxconn subsidiary inks ₹1,600 crore deal with T.N. to set up electronic components manufacturing facility
The Hindu
Foxconn Industrial Internet, a subsidiary of the Taiwanese firm Foxconn, has inked a new deal with the Tamil Nadu government to establish a manufacturing facility for electronics components, entailing investments to the tune of ₹1,600 crore.
Foxconn Industrial Internet, a subsidiary of the Taiwanese firm Foxconn, has inked a new deal with the Tamil Nadu government to establish a manufacturing facility for electronics components, entailing investments to the tune of ₹1,600 crore.
A senior government official whom TheHindu spoke to said that this new facility would come up in Kancheepuram with a proposed employment of 6,000 people.
Foxconn Group Chairman Young Liu was in Chennai on Monday, to meet Chief Minister M.K. Stalin with regard to this deal.
T.R.B. Rajaa, Minister for Industries, Investment Promotion and Commerce, said, “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.” He added, “Manufacturers who have seen immense success in Tamil Nadu over the past several years know that by investing more in the State, they will only gain more.”
“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 to also significantly increase its electronics exports in the coming years. This will play a critical role in attaining our Chief Minister’s ambition of Tamil Nadu’s becoming a USD 1 trillion economy,” Mr. Rajaa said.
This development comes at a time when Tamil Nadu has become the top exporter of electronic goods in India, with exports nearly tripling during 2022-2023 to USD 5.37 billion. The State accounted for 22.8% of India’s electronic exports in 2022-23.
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