Foxconn unit to sign $194 million components plant deal with India's Tamil Nadu-source

Foxconn subsidiary will sign a contract with Tamil Nadu state in India to develop a new electronic component manufacturing facility that will add 6,000 new employment. According to the source, who was not entitled to publicly discuss the topic, Foxconn Industrial Internet (FII), the subsidiary, aims to invest 16 billion Indian rupees ($194.45 million) to develop a campus in the Kancheepuram neighbourhood, close to the state capital of Chennai.

The plant will be distinct from the current huge campus near Chennai where Foxconn now employs more than 35,000 people and where Apple's iPhones are assembled, the person claimed. A request for comment from Foxconn did not receive a prompt response. On Monday morning, the state administration announced on LinkedIn that a "big announcement" was anticipated for the day, which would mean Tamil Nadu would maintain its "top position as India's Electronics Powerhouse." The state government did not immediately respond to a request for comment.

The Foxconn subsidiary was negotiating the investment with Tamil Nadu with the goal of finishing the factory in 2024. The FII division of Foxconn manufactures industrial robots, electronic devices, and cloud service hardware. It wasn't immediately apparent whether the new plant in India would produce parts for iPhones, for other businesses, or for both.

The state government is anticipated to make an official announcement. According to the source, Foxconn Chairman Young Liu, who has been in India to attend the federal government's semiconductor conference, will be present at the signing ceremony with the state chief minister. According to a Reuters article from last year, Foxconn intends to triple the workforce at its iPhone manufacturing in Tamil Nadu by the end of 2024 in an effort to diversify its investments outside of China.