CHENNAI: Taiwan’s Foxconn signed an agreement with the Tamil Nadu government on Monday to invest Rs 1,600 crore in a new mobile components manufacturing facility in Kancheepuram. The facility will generate 6,000 jobs.
Foxconn Chairman and Chief Executive Officer Young Liu, who is visiting the state for the first time, said his company is not only looking at the manufacturing sector but also exploring investment opportunities in research and development in Tamil Nadu.
The Taiwanese company, which is being wooed across India, has signed a tripartite agreement with IIT-Madras Research Park and Guidance for research and development and innovation and to promote collaboration for sharing knowledge and best practices in advanced technologies.
Foxconn Chairman Young Liu said Chennai is the biggest site for Foxconn in India. “We have many developments in the production side. We got a lot of support from the government. And definitely, we would like to get more in the future. We have 40,000 workers as of today,” Liu told reporters during his interaction at the Indian Institute of Technology Research Park
To a question on whether he has identified a partner for a semiconductor venture in India, Young Liu said Foxconn is still working on the proposal. The company recently called off its joint venture with Anil Agarwal-led Vedanta for setting up a semiconductor plant in India.
Companies showing interest in TN due to Stalin’s efforts: Minister
Earlier, Chief Minister MK Stalin held discussions with Liu in the presence of 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, chief strategy officer (semiconductor) of Foxconn SY Chiang, and top company officials.
They signed a letter of intent (LoI) for the new facility that will be set up near the company’s existing plant in Sriperumbudur in Kancheepuram district. Sources said the facility will be separate from the current sprawling campus used by Foxconn for assembling Apple iPhones where nearly 35,000 people are employed. Industries Minister TRB Rajaa said,
“The credit for companies like Foxconn showing keen interest in Tamil Nadu to increase their manufacturing footprint across sectors goes to Chief Minister MK Stalin’s vision and continued efforts to ensure sustained industrial growth in the state. It is heartening to see industries reinforce their faith in Tamil Nadu’s inherent strengths as the most industrialised state in the country.”
Parrying queries on whether talks were held for setting up a semiconductor plant in TN, Rajaa said the state is going to witness interesting developments soon. He said new investments in Tamil Nadu will generate high-end jobs. He said the government is looking at new investments in south Tamil Nadu but refused to divulge details.
Mobile components unit to generate 6,000 jobs
The mobile components manufacturing facility to come up in Sriperumbudur in Kancheepuram district will generate 6,000 jobs. It will be set up by Foxconn Industrial Internet (FII), a subsidiary of Foxconn.