Foxconn to invest $194 million in mobile components manufacturing facility in Tamil Nadu

Share via:

Foxconn, a contract electronics manufacturer, has signed a letter of intent (LoI) with the Tamil Nadu government. The purpose is to invest $194 million (INR 1,600 Crores) in constructing a new mobile components manufacturing facility. The facility will be set up in the Kanchipuram district. Foxconn Industrial Internet (Fii), a subsidiary of Foxconn, will operate the proposed facility.

Foxconn Partnership and Job Creation

Foxconn’s Chairman Young Liu and Tamil Nadu Chief Minister MK Stalin, along with state officials, met and decided to invest in a new manufacturing plant.

They signed the Letter of Intent (LoI) with Guidance Tamil Nadu, the state’s investment promotion agency. Tamil Nadu’s Minister for Industries, TRB Rajaa, praised the partnership, emphasizing that Foxconn’s repeated investments highlight Tamil Nadu’s appeal as a preferred manufacturing destination. The upcoming facility will create over 6,000 jobs in the region, contributing to employment growth.

Operational Timeline and Product Focus

The new facility projects to be operational by late 2024. And will be separate from Foxconn’s existing campus near Chennai, where the company assembles Apple iPhones. However, specific details about the mobile components to be produced at the new plant are yet to be disclosed. Foxconn’s subsidiary, Fii, specializes in manufacturing electronic devices, cloud service equipment, and industrial robots.

Tamil Nadu’s Attractive Investment Climate

Tamil Nadu actively seeks Foxconn’s investments. The partnership aims to boost technology in the state’s electronics sector. It aims to enhance electronics exports and move up the value chain. Tamil Nadu aspires to become a $1 trillion economy in the future.

Foxconn Expansion Plans in India

Foxconn decided to expand its presence in Tamil Nadu after leaving a $19 billion semiconductor fab project with Vedanta. The company aims to diversify production beyond China and utilize India’s production-linked incentives (PLIs). Foxconn plans to increase its workforce fourfold at the Chennai iPhone factory, joining other electronics manufacturers in leveraging India’s production potential and incentives.

Global tech giants like Apple, Xiaomi, and Google are increasing production in India, leading to substantial growth and contribution to the country’s economic development in the electronics manufacturing sector.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Foxconn to invest $194 million in mobile components manufacturing facility in Tamil Nadu

Foxconn, a contract electronics manufacturer, has signed a letter of intent (LoI) with the Tamil Nadu government. The purpose is to invest $194 million (INR 1,600 Crores) in constructing a new mobile components manufacturing facility. The facility will be set up in the Kanchipuram district. Foxconn Industrial Internet (Fii), a subsidiary of Foxconn, will operate the proposed facility.

Foxconn Partnership and Job Creation

Foxconn’s Chairman Young Liu and Tamil Nadu Chief Minister MK Stalin, along with state officials, met and decided to invest in a new manufacturing plant.

They signed the Letter of Intent (LoI) with Guidance Tamil Nadu, the state’s investment promotion agency. Tamil Nadu’s Minister for Industries, TRB Rajaa, praised the partnership, emphasizing that Foxconn’s repeated investments highlight Tamil Nadu’s appeal as a preferred manufacturing destination. The upcoming facility will create over 6,000 jobs in the region, contributing to employment growth.

Operational Timeline and Product Focus

The new facility projects to be operational by late 2024. And will be separate from Foxconn’s existing campus near Chennai, where the company assembles Apple iPhones. However, specific details about the mobile components to be produced at the new plant are yet to be disclosed. Foxconn’s subsidiary, Fii, specializes in manufacturing electronic devices, cloud service equipment, and industrial robots.

Tamil Nadu’s Attractive Investment Climate

Tamil Nadu actively seeks Foxconn’s investments. The partnership aims to boost technology in the state’s electronics sector. It aims to enhance electronics exports and move up the value chain. Tamil Nadu aspires to become a $1 trillion economy in the future.

Foxconn Expansion Plans in India

Foxconn decided to expand its presence in Tamil Nadu after leaving a $19 billion semiconductor fab project with Vedanta. The company aims to diversify production beyond China and utilize India’s production-linked incentives (PLIs). Foxconn plans to increase its workforce fourfold at the Chennai iPhone factory, joining other electronics manufacturers in leveraging India’s production potential and incentives.

Global tech giants like Apple, Xiaomi, and Google are increasing production in India, leading to substantial growth and contribution to the country’s economic development in the electronics manufacturing sector.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

New UK crypto regulations will include stablecoins and staking...

The U.K. is set to create an all-encompassing...

IIT Bombay’s Incubator To Float INR 100 Cr Tech-Focused...

SUMMARY The fund aims to invest in 1,000 startups...

BlackBuck Shares End Debut Session 4.7% Below IPO Price

SUMMARY Shares of BlackBuck closed the session at INR...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!