8AUGUST 2024FOXCONN EYES INDIA FOR ESTABLISHMENT OF SECOND BATTERY PLANTADANI GROUP TO FOLLOW THROUGH ITS CONTRACT TO SUPPLY ELECTRICITY TO BANGALDESHTaiwanese 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 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. Adani Power has reaffirmed its commitment to supplying electricity to Bangladesh, emphasizing that recent changes in India's power export regulations do not impact its current agreement with the country. The company clarified that the new amendment facilitates connectivity to the Indian grid but does not obligate India to purchase electricity from these generators.Adani Power's 1,600 MW Godda plant in Jharkhand is uniquely positioned as the only facility in India that exports 100 percent of its power output to a neighboring country. The regulatory amendment now allows Adani Power to supply electricity to the domestic market as well, offering a safeguard against potential political risks in Bangladesh.Despite these changes, Adani Power assured that it remains committed to fulfilling its contractual obligations with the Bangladesh Power Development Board (BPDB), in line with the power purchase agreement and Bangladesh's demand schedule.Adani Power, located in Khodiyar in Ahmedabad, India, is a subsidiary of the Adani Group and is a multinational company in the power and energy sector. A private company generates thermal power, with a capacity of 15,250 MW and runs a large solar plant of 40 MW in Naliya, Bitta, Kutch, Gujarat. Adani Godda Power is currently constructing a 1,600 MW facility in Jharkhand. The company has entered into long-term power purchase agreements totaling approximately 9,153 MW with the governments of Gujarat, Maharashtra, Haryana, Rajasthan, Karnataka, and Punjab. TOP STORIES8AUGUST 2024
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