Foxconn Industrial Internet (FII), a subsidiary of Taiwan-based Foxconn, is reportedly looking to build a $200 million plant for manufacturing electronic components in Tamil Nadu. FII CEO Brand Cheng met Tamil Nadu Chief Minister MK Stalin along with several other officials to discuss the investment proposal in the state.
Reuters reported citing sources that the company has suggested an initial investment of $180 million to $200 million in the facility. FII makes equipment for mobile network and cloud computing. Its parent Foxconn already has a plant in Tamil Nadu where it assembles Apple’s iPhones.
The report added that Foxconn is planning to complete the construction of the new plant by the end of 2024 but the plan has not been finalised yet. Last week, the company also held talks with Karnataka government over a potential $1.07 billion investment in the state. A Foxconn plant is already being set up in the state near Bengaluru.
Foxconn was in news this month for exiting the semiconductor joint venture with Vedanta. Last year, both the firms had announced the JV to set up a plant in Gujarat but it could not be executed. Both the firms have said that they will look for other partners to enter the semiconductor business. Reuters report suggested the Taiwan-based firm recently held talks with Gujarat government to build a semiconductor plant in the state. As per the report, Foxconn chairman is going to address an annual semiconductor event being held in Gujarat.
