Taiwanese electronics manufacturing Group Foxconn meets Tamil Nadu CM; inks pact to set up a $200mn facility

Top officials from Foxconn, the Taiwanese electronics contract-manufacturing firm, held a meeting with the Chief Minister of Tamil Nadu, a state in Southern India, and signed an agreement to establish a $200 million facility. The planned facility, which is expected to generate around 6,000 jobs, will be located in the Kanchipuram district, near the capital city of Chennai. During the meeting, Foxconn Group Chairman Young Liu discussed the details of the deal with the Tamil Nadu Chief Minister, MK Stalin, and other senior government officials.

The agreement, represented by a Letter of Intent (LoI), was signed between Foxconn and Guidance Tamil Nadu, the state Government’s nodal agency for investment promotion, with the purpose of setting up a facility for manufacturing components for mobile phones.

Tamil Nadu’s Industries Minister, TRB Rajaa, expressed his satisfaction with Foxconn’s continued investments and expansion plans in the state, acknowledging Tamil Nadu’s position as a preferred manufacturing hub for major companies globally. He stated that this new investment would bolster Tamil Nadu’s status as the leading electronics exporter in India and contribute significantly to the state’s economic growth, aligning with Chief Minister MK Stalin’s vision of achieving a One Trillion USD economy in Tamil Nadu.

It is noteworthy that Foxconn already operates an Apple iPhone assembly facility in Sriperumbudur, located on the outskirts of Chennai. This new investment further strengthens Tamil Nadu’s position as a major player in the electronics manufacturing sector.

According to data from the Indian government, Tamil Nadu leads the country as the top electronics exporter, with electronics exports valued at $5.37 billion (approximately Rs 44,044 crore) for the year 2022-23.

The new facility, combined with other potential investments, is expected to reinforce Tamil Nadu’s position as a dominant player in electronics exports in India and contribute significantly to the state’s economic growth in the years to come.