Taiwanese firm Foxconn Technology Group, a key supplier to Apple Inc., on Monday gave a commitment to the Tamil Nadu government to invest ₹1,600 crore to establish a manufacturing facility in Kancheepuram district. The investment will be made by its subsidiary Foxconn Industrial Internet (Fii). A letter of intent was signed in the presence of Chief Minister M.K. Stalin and Foxconn Chairman Young Liu. This was also Mr. Liu’s first visit to Tamil Nadu.
“Was delighted to meet the Foxconn Group Chairman Mr. Young Liu and his team. Various investment opportunities in Tamil Nadu were discussed. Investment commitment to establish a mobile component manufacturing facility in Kancheepuram district for ₹1,600 crore, with a potential employment for 6,000 persons, was signed in my presence. We also discussed further investments in electric vehicles (EV) and electronic components. Another milestone in our ambition to make Tamil Nadu the new emerging electronics manufacturing hub of Asia!” Mr. Stalin tweeted.
Later in the day, Mr. Liu signed a tripartite Memorandum of Understanding (MoU) with Indian Institute of Technology - Madras (IIT-M) and Guidance (the nodal agency instrumental in bringing investments to the State).
