Foxconn Unit to Signal $194 Million Deal With Tamil Nadu to Set Up Plant

Foxconn Unit to Signal $194 Million Deal With Tamil Nadu to Set Up Plant

A Foxconn unit will on Monday signal an settlement with India’s Tamil Nadu state to construct a brand new facility for digital elements that can create 6,000 new jobs, a senior state authorities supply with direct information stated.

The subsidiary, Foxconn Industrial Web (FII), plans to take a position Rs. 1,600 crore ($194.45 million) to construct a campus in Kancheepuram district, close to the state’s capital of Chennai, added the supply, who was not authorised to talk publicly concerning the matter.

The ability shall be separate from the present sprawling campus close to Chennai the place Foxconn assembles Apple’s iPhone fashions and employs greater than 35,000 folks, the supply stated.

Foxconn didn’t instantly reply to a request for remark. The state authorities, which didn’t instantly reply to a request for remark, stated on LinkedIn on Monday morning a “huge announcement” was anticipated throughout the day that may imply Tamil Nadu would retain its “prime place as India’s Electronics Powerhouse.”

Reuters reported final week the Foxconn subsidiary was in talks with Tamil Nadu concerning the funding, with the corporate aiming for the plant’s completion in 2024.

Foxconn’s FII makes digital gadgets, cloud service tools and industrial robots. It was not instantly clear if the brand new India plant would make elements for iPhone fashions or for different corporations, or each.

An official announcement is anticipated from the state authorities later within the day, with Foxconn chairman Younger Liu, who has been in India to attend the federal authorities’s semiconductor convention, attending the signing ceremony with state chief minister, the supply stated.

Foxconn plans to quadruple the workforce at its iPhone manufacturing facility in Tamil Nadu by late 2024 in a bid to unfold its bets past China, Reuters reported final yr.

© Thomson Reuters 2023

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