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Foxconn Signs ₹ 1,600 Crore Deal To Set Up Plant In Tamil Nadu

Foxconn Technology Group, a prominent Taiwanese company and a key supplier to Apple Inc., has pledged to invest ₹1,600 crore in establishing a manufacturing facility in Kancheepuram district, Tamil Nadu. The commitment was made in the presence of Chief Minister M.K. Stalin and Foxconn Chairman Young Liu during Mr. Liu’s first visit to the state. The investment is expected to create significant employment opportunities and boost the electronics manufacturing sector in Tamil Nadu.

Tripartite MoU with IIT-Madras

In addition to the investment commitment, Foxconn’s Chairman Mr. Young Liu signed a tripartite Memorandum of Understanding (MoU) with the Indian Institute of Technology Madras and Guidance, the nodal agency instrumental in attracting investments to the state. This MoU aims to enhance research and development capabilities in partnership with IIT-M, fostering the development of a skilled talent pool in Tamil Nadu. The collaboration seeks to align the workforce with the evolving needs of the electronics industry and promote knowledge sharing and best practices in talent and workforce development.

Focus on Electric Vehicles and Electronic Components

The discussions between the Tamil Nadu government and Foxconn also included the possibility of further investments in the electric vehicle (EV) sector and electronic components manufacturing. The state aims to become a prominent hub for electronics manufacturing in Asia, and this commitment from Foxconn marks a significant step towards achieving that goal.

About Foxconn

Foxconn, also known as Hon Hai Precision Industry Co Ltd, holds the distinction of being the largest global electronics manufacturing company. Headquartered in Tucheng, Taiwan, Foxconn is renowned for producing electronics items for several prominent American, Chinese, Canadian, and Japanese companies.

In India, Foxconn operates its largest plant in Sriperumbudur,Tamil Nadu, where it currently employs around 40,000 individuals. This sustained commitment to investments and expansion in Tamil Nadu underscores the state’s status as a preferred manufacturing destination for major global corporations.

Key takeaways for competitive examinations

  • Minister for Industries of Tamil Nadu: TRB Rajaa
  • Chairman & CEO of Foxconn: Young Liu

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