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 around the world, said Industries Minister TRB Rajaa.
Taiwan-based Hon Hai Technology Group (Foxconn) signed a Letter of Intent (LoI) with the Tamil Nadu government to set up a new mobile components manufacturing facility at a cost of Rs 1,600 crore in Kancheepuram district. The project has the potential to generate 6,000 jobs.
Tamil Nadu Chief Minister MK Stalin met Young Liu, chairman and CEO of Foxconn, in the presence of state industries minister T R B Rajaa, chief secretary Shiv Das Meena, additional chief secretary (industries) S Krishnan, MD and CEO of Guidance Tamil Nadu Vishnu Venugopalan, SY Chiang, chief strategy officer (semiconductor) of Foxconn, and top company officials. They signed a letter of intent (LoI) for a new facility that will be set up near Foxconn’s existing unit at Sriperumbudur in Kancheepuram district, which currently assembles Apple’s iPhones.
“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. This is a major achievement for the state,” Rajaa said.
“Manufacturers who have seen immense success in Tamil Nadu over the past many 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 also significantly increase its electronics exports in the coming years. This will play a critical role in attaining MK Stalin’s ambition of a $1 trillion economy in Tamil Nadu,” he added.
Prior to this agreement, on July 19, Foxconn Industrial Internet (FII), a subsidiary of Taiwan-based Hon Hai Technology Group, discussed potential investment opportunities in the state with Stalin.