Foxconn on shopping trip for India partners

Taiwan’s billionaire businessman and Foxconn founder Terry Gou and his 30-member delegation met Union communications minister Ravi Shankar Prasad and secretaries of six ministries on Tuesday to thrash out an investment proposal that sources said could be worth $20 billion (`12,800 crore).

Taiwan’s billionaire businessman and Foxconn founder Terry Gou and his 30-member delegation met Union communications minister Ravi Shankar Prasad and secretaries of six ministries on Tuesday to thrash out an investment proposal that sources said could be worth $20 billion (`12,800 crore).

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“Based on the discussion a final announcement along with Prime Minister Narendra Modi is expected to be made,” sources in the Gou’s delegation told HT.

Gou refused to divulge details of his discussions with the minister, but unconfirmed reports said Foxconn, which makes Apple products such as the iPhone, is eyeing tie-ups, and is in talks with Micromax, Adani and Snapdeal among others. Government officials were positive on the outcome of the talks. “Today’s meeting is crucial since Foxconn has decided on the areas where it wants to invest,” a source in the commerce ministry said.

Speculation is that Foxconn may make the iPhone in India, which could make the premium smartphone more affordable for Indians, at the same time helping the country take on China, the global hub for electronics manufacturing. Foxconn has already tied up with Sony to make its Bravia range of televisions in Chennai.

In the last two months Gou has held meetings with chief ministers of Andhra Pradesh, Maharashtra, Gujarat and Telengana to finalise the land to set up a technology park. He also plans to invest in Bollywood and held an hour long meeting with Subhash Ghai during his visit last month.