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Tamil Nadu: Foxconn to set up unit to manufacture mobile components
A team led by Foxconn group chairman Young Liu met Tamil Nadu chief minister M K Stalin in the secretariat in Chennai on Monday following which a ‘letter of intent’ was signed for the deal
Chennai: Tamil Nadu government clinched a deal on Monday with Taiwanese major Foxconn (Hon Hai Technology Group) to set up a facility to manufacture mobile components at a cost of ₹1600 crore in Kanchipuram district near Chennai, officials aware of the matter said.
A team led by Foxconn group chairman Young Liu met Tamil Nadu chief minister M K Stalin in the secretariat in Chennai on Monday following which a ‘letter of intent’ was signed for the deal. The new project is expected to generate 6000 jobs.
“Various investment opportunities in Tamil Nadu were discussed,” Stalin said. “Investment commitment to establish a mobile component manufacturing facility in Kancheepuram district for ₹1600 crore with a potential employment for 6000 persons was signed in my presence. We also discussed further investments in EV (electric vehicles) and electronic components. Another milestone in our ambition to make TN the new emerging electronics manufacturing hub of Asia.”
Foxconn has an existing facility in Sriperumbudur where the company assembles Apple’s iPhones for domestic and international markets. “Foxconn’s repeated investments and expansion plans in Tamil Nadu are a testament to the state being the top choice for manufacturing in India for major companies across the world,” said minister for industries TRB Rajaa. “This is a major achievement for the state.” The proposed investment, along with more to come, will ensure that Tamil Nadu is poised to remain at the top in electronics export in the country while also significantly increasing its electronics export, he added.
Tamil Nadu had risen to the top spot as the exporter of electronic goods for the 2022-2023 financial year, according to the National Import-Export for Yearly Analysis of Trade (NIRYAT). The state had nearly tripled in a year at $5.37 billion from $1.86 billion in the previous year. Tamil Nadu has accounted for a share of 22.8 % of India’s exports valued at $ 23.57 billion.
