9AUGUST 2024FOXCONN EYES INDIA FOR ESTABLISHMENT OF SECOND BATTERY PLANTLLP ACT REVISIONS TO CREATE LARGE DOMESTIC AUDIT FIRMSTaiwanese electronics manufacturing giant Foxconn is working on plans to set up a Battery Energy Storage System unit in India, its chairman Young Liu said here. With an eye on the electric vehicle segment, Foxconn has India's government is mulling changes in the LLP Act and related rules to strengthen home-grown accounting firms. The idea is to encourage mergers and growth that will allow the formation of large domestic audit companies that would be the competition to the Big Four international firms.The LLP Act was enacted in India in 2008 and is based on the UK's 2000 legislation and provides the operations flexibility of a partnership while having the protection of limited liability. It protects partners' individual assets from business risks while offering transparency through the filing of annual returns and compliance laws. Particularly popular among professionals like lawyers or accountants, LLPs allow members to run the business while not giving up on their protection wall.These proposed reforms are expected to be included as part of The Ministry of Corporate Affairs' 100-day action plan. Proposed changes in the LLP Act, together with the Companies Act, are likely to be tabled during the winter session of the Parliament in December this year. It is expected that these changes will develop a stronger domestic accounting sector in India to compete at the international level firms. been expanding its battery manufacturing business, with the first plant already set up in Taiwan.Liu told PTI that Foxconn's information and communication technology segment has just started in India."We are also waiting to put our 3+3 future industry in India. I have been talking to the minister for industries here about how can we collaborate on BESS (Battery Energy Storage System) in Tamil Nadu...," Liu said.As part of the "3+3 strategy", Foxconn has prioritised the three key industries -- electric vehicles, digital health, and robotics industries, each has a significant growth potential with current scale at USD 1.4 trillion and over 20 per cent compound annual growth rate.Foxconn's battery storage business is more focused on electric vehicles. Battery energy storage systems (BESS) enable energy storage from renewable sources like solar, wind etc.The company has proposed to set up an electric vehicle unit in India as well. When asked about the status of EV production, Liu said it will start "very soon".Foxconn's business in India has grown to over USD 10 billion by 2024, Liu said. The chairman also said that during his current visit, he met various chief ministers, and feels that India is on the rise."So far, till last year, we have done USD 10 billion. We will do much more in this coming year," Liu said.
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