Foxconn Tamil Nadu: Foxconn to invest Rs 1,600 crore in TN to start new mobile components manufacturing facility | Chennai News – Times of India
The manufacturing facility will be established with a proposed investment of Rs 1,600 crore. It is expected to create jobs for 6,000 people.
Sources said the proposed facility to manufacture electronics components is likely to come up in the Sriperumbudur belt adjoining their existing facilities.
Chief minister M K Stalin on Monday met Young Liu, chairman of Foxconn in this regard. A letter of intent was signed and exchanged in the presence of state industries minister T R B Rajaa, chief secretary Shiv Das Meena, additional chief secretary – industries S Krishnan, and Guidance CEO V Vishnu. S Y Chiang, chief strategy officer (semiconductor) of Foxconn, and others company officials were present.
Stalin tweeted that various investment opportunities in Tamil Nadu had been discussed in the meeting. “Investment commitment to establish a mobile component manufacturing facility in Kancheepuram district for Rs. 1600 crore with a potential employment for 6,000 people was signed in my presence. We also discussed further investments in EV and electronic components. Another milestone in our ambition to make TN the new emerging electronics manufacturing hub of Asia,” he said in the tweet.
“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,” industries minister TRB Rajaa said in a statement.
“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. This also illustrates the trust global investors have in the leadership of Hon’ble Chief Minister of Tamil Nadu Thiru MK Stalin. 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,” he added.
The statement said the electronics manufacturing sector has powered a large portion of the global investments coming into TN. The state has made efforts to go up the value chain and move from just assembling electronics to making electronic components with this new investment.