Foxconn Eyeing $200 Mn Electronic Equipment Plant In Tamil Nadu

Taiwanese electronics manufacturing giant, Foxconn is considering investing around USD 200 million to establish an electronic components plant in Chennai, Tamil Nadu, news agency Reuters reported. The CEO of Foxconn Industrial Internet (FII), Brand Cheng and other company representatives, recently met with Tamil Nadu Chief Minister MK Stalin and government officials to discuss this potential investment in the state. 

FII’s plan is to initially invest USD 180 million to USD 200 million in the facility, with the goal of completing the plant by 2024 and making further investments afterwards. However, the final decision has not been made yet. Currently, Foxconn already operates a significant campus near Chennai where it assembles Apple’s iPhones.

Additionally, Foxconn has been in discussions with the Karnataka state government to invest USD 1.07 billion in a new plant. Furthermore, the company is eyeing a potential entry into India’s semiconductor sector and is in talks with the state of Gujarat for a deal.

Prime Minister Narendra Modi is set to inaugurate Semicon India 2023, wherein Foxconn’s Chairman Young Liu will also be present.

India aims to become a semiconductor manufacturing hub, with the local market expected to reach USD 80 billion by 2028. However, previous attempts, including a USD 10 billion scheme for domestic chip manufacturing, have faced challenges and have yet to materialise.