Taiwan-based Foxconn will be investing ₹1,600 crore in Tamil Nadu for setting up an electronics component manufacturing facility, according to the state’s industries ministry. The facility is touted to create more than 6,000 direct and indirect jobs across India.
"Foxconn has committed to establishing a cutting-edge electronic component manufacturing facility in Tamil Nadu in the presence of Hon’ble Chief Minister Thiru M.K. Stalin #LeadWithTN #ThriveInTN," says Guidance Tamil Nadu in a tweet. Guidance Tamil Nadu is the state’s nodal agency for investment promotion and single window promotion.
"With an investment of ₹1,600 crore, this project will create 6,000 direct jobs and secure Tamil Nadu's leadership in the nation’s electronic component and hardware manufacturing," it adds.
The development comes days after Foxconn, which is a subsidiary of chip electronic major Hon Hai Technology Group, pulled the plug on ₹1.54 lakh crore joint venture with Vedanta earlier this month. Vedanta in February this year partnered with chip electronics major Hon Hai Technology Group, which is the world's largest contract electronics manufacturer and the supplier of Apple iPhone, to produce semiconductors in India as the country eyes to reduce dependence on the imports of key electronics components. Foxconn would have held a minority stake in the joint venture, with Anil Agarwal-led Vedanta holding the majority of equity.
The Taiwan-based company, however, reassured that it will continue to support the 'Make in India' initiative by the government.
"We have been actively reviewing the landscape for optimal partners. We welcome a diverse set of stakeholders, both inside India and abroad, who also want to see India get to the next level and can complement Foxconn’s world-class supply chain management and manufacturing efficiency," says the semiconductor manufacturer.
Notably, last week US-based chipmakers Micron Technology and AMD made a commitment to invest $825 million and $400 million, respectively in order to boost India’s Semiconductor Mission. AMD’s investment, which the company aims to complete by 2028, will include setting up a new campus in Bengaluru that will serve as AMD’s largest R&D facility in the world. The US-based chipmaker also aims to increase its workforce in the country by adding approximately 3,000 additional engineers by 2028.
Micron Technology, which is one of the world’s largest semiconductor manufacturers, plans to build a new assembly and test facility in Gujarat with an investment of up to $825 million. The new facility will create up to 5,000 new direct Micron jobs and 15,000 community jobs over the next several years, says the U.S.-based memory and storage solutions company.
