Foxconn will put $194 million into a new plant in Tamil Nadu, India

Foxconn will put $194 million into a new plant in Tamil Nadu, India

Taiwan’s Foxconn (2317.TW) has signed a deal with Tamil Nadu to contribute 16 billion rupees ($194 million) in another electronic components manufacturing facility that will make 6,000 jobs, the public authority of the southern Indian state said on Monday.

The Foxconn Industrial Internet (FII) (601138.SS) facility will be implicit the Kancheepuram region close to the state capital of Chennai, a state government source said on state of anonymity as subtleties are not yet open.

They added that it will be distinct from Apple’s (AAPL.O) sprawling campus near Chennai, where Foxconn assembles iPhones.

After Foxconn Chairman Young Liu and other representatives met with state officials, including the state’s chief minister, a statement from Tamil Nadu Minister for Industries TRB Rajaa stated, “This is a major achievement for the state.”

Liu told journalists in Tamil Nadu that Foxconn at present utilizes around 40,000 workers in its office close to Chennai.

Foxconn has plans to fourfold the labor force at its Tamil Nadu iPhone factory by late 2024 to spread its wagers past China, Reuters announced a year ago.

Liu went to India to attend the semiconductor conference that the federal government held on Sunday.

Foxconn on Monday likewise signed a research and innovation agreement with the Indian Institute of Technology, Madras and the express government’s investment arm Guidance.

The association expects to carry all the more high-esteem tech to the state through Foxconn, the anonymous source said. “Tamil Nadu wants to move up the value chain in electronics,” they added.

Reuters detailed last week that the Foxconn auxiliary was in talks with Tamil Nadu about the components investment, with the organization holding back nothing consummation in 2024.

FII makes electronic gadgets, cloud service equipment and industrial robots. At the time, it wasn’t clear whether the new plant would produce components for iPhones, other businesses, or both.