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Amid Apple’s India manufacturing push, its contract manufacturer Foxconn has committed INR 15,000 Cr (about $1.8 Bn) to enhance its operations in the state of Tamil Nadu.
Tamil Nadu’s minister for industries, investment promotions and commerce TRB Rajaa said that the investment will drive the creation of 14,000 skilled engineering jobs and fuel a new phase of value-added manufacturing, AI-led tech integration, and in-house R&D efforts in the state.
The announcement follows discussions between Foxconn’s India representative Robert Wu and Tamil Nadu chief minister MK Stalin, where the Taiwanese contract manufacturing giant reaffirmed its commitment to the state’s rapidly growing electronics ecosystem and strengthen the state’s position to become a hub for advanced and AI-led manufacturing in the country.
The Tamil Nadu government has also launched a dedicated Foxconn Desk, which will help in fast-tracking the approvals and give “seamless support” to the project.
The investment announcement comes three months after Taiwan’s ministry of economic affairs gave its nod to Foxconn to invest $2.2 Bn in India and the US.
In May, the company infused $1.48 Bn in its Tamil Nadu-registered entity Yuzhan Technology (India) Private Limited. Following this, it reportedly planned to make iPhone enclosures in India, for which it was eyeing to establish a new unit in Tamil Nadu.
Foxconn is one of the largest contract manufacturers of iPhone in India. The company is aiming to manufacture 25-30 Mn units of iPhone from India in the ongoing calendar year. Between March and May, Foxconn exported iPhones worth $3.2 Bn from India to the US.
Important to mention that Apple is also pushing the production of iPhones in India and plans to shift the entire manufacturing of iPhones exported to the US in the country by early next year.
Apart from electronic manufacturing, Foxconn is also looking to capitalise on the semiconductor push in India. It has signed a joint venture pact with HCL to set up an OSAT facility in India to manufacture chips for mobile phones, laptops and automobiles. The JV will cumulatively invest INR 3,700 Cr in the semiconductor plant which is planned to be set up in Noida, Uttar Pradesh.
The post Foxconn Commits INR 15,000 Cr To Bolster Tamil Nadu Operations appeared first on Inc42 Media.
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