To explore investments in the state, Brand Cheng, the CEO of Foxconn Industrial Internet (FII), and other company representatives met with the chief minister of Tamil Nadu last week.
According to two sources with firsthand information, a Foxconn subsidiary is in discussions to invest up to $200 million to develop a new electronic component manufacturing facility in Tamil Nadu, India.
The chief executive of Foxconn Industrial Internet (FII), Brand Cheng, and other corporate executives met with Tamil Nadu officials, including the chief minister, last week to discuss investments in the state, according to a statement released by the government without further explanation.
According to one of the sources, FII, a manufacturer of communication, mobile network, and cloud computing equipment, has revealed with state officials an intention to invest an initial $180 million to $200 million in the facility.
Both a representative for Tamil Nadu’s industries department and Foxconn, the largest contract electronics manufacturer in the world, declined to comment.
In Tamil Nadu, Foxconn already operates a sizable site where it assembles Apple’s iPhones.
The sources would not elaborate on the concept or specify whether components produced at the prospective factory would be utilised in iPhones or the goods of another company because the discussions are confidential.
Foxconn plans to finish the facility by 2024, and additional investments are anticipated after that, according to the first source.
According to both reports, no final decision has been made.
Founded in Taiwan in 1974, Hon Hai Precision Industry Co., Ltd., also known as Foxconn globally and as Hon Hai Technology Group in China and Taiwan, is a multinational electronics contract manufacturer with headquarters in Tucheng, New Taipei City, Taiwan. For significant Japanese, Chinese, Finnish, Canadian and American electronic businesses, Foxconn produces electronic goods.
