Foxconn, an electronics manufacturing company plans to invest an amount of $194.45 million, in India. Through its subsidiary Foxconn Industrial Internet (FII), the company aims to establish a state-of-the-art facility for components in the Kancheepuram district of Tamil Nadu. This initiative will generate around 6,000 employment opportunities. Showcases Foxconns dedication, to expanding its footprint within India’s flourishing electronics industry.
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Foxconn, a prominent electronics manufacturer, is making a significant investment in India through its subsidiary, Foxconn Industrial Internet (FII). According to a reliable source within the state government, FII is set to sign an agreement with the Tamil Nadu government on Monday. The agreement aims to establish a state-of-the-art facility for electronic components in Kancheepuram district, close to the capital city, Chennai.
This venture is expected to create approximately 6,000 job opportunities in the region, reinforcing the local economy. The investment is valued at an impressive $194.45 million, showcasing Foxconn’s commitment to expanding its presence in India.
The new facility will be distinct from Foxconn’s existing sprawling campus in Chennai, where the company currently assembles Apple’s iPhones, providing employment to more than 35,000 individuals. The state government of Tamil Nadu, recognizing the significance of this collaboration, hinted at a “big announcement” on LinkedIn, underlining its determination to uphold its status as India’s Electronics Powerhouse.
Previous news reports had hinted at Foxconn’s discussions with the Tamil Nadu government, anticipating the establishment of the new plant by 2024. Today, an official announcement from the state government is expected, with Foxconn’s chairman, Young Liu, gracing the signing ceremony alongside the state’s chief minister.
This move aligns with Foxconn’s strategic vision to diversify its operations beyond China, as it expands its iPhone factory in Tamil Nadu, further solidifying its presence in the Indian electronics market.
