The investment will be across its electronic manufacturing facilities, semiconductors etc, Foxconn chairman Young Liu told a leading business news channel.
Taiwanese electronic component major Foxconn said on Friday it is looking to invest $2 billion in India over the next five years.
The investment will be across its electronic manufacturing facilities, semiconductors etc, Foxconn chairman Young Liu told a leading business news channel.
The announcement from Foxconn comes at a time when the company is looking for an alternative supply chain away from China. Foxconn is one of the key contract manufacturers of iPhones and a beneficiary of the government’s production linked incentive scheme.
Speaking at the SemiconIndia 2023 event, Liu said, “Prime Minister Narendra Modi once mentioned to me that IT stands for India and Taiwan. Honourable Prime Minister, Taiwan is and will be your most trusted and reliable partner… Let’s do this together.”
Liu also expressed optimism about India’s semiconductor mission.
“I am very optimistic about the way India is taking into the semiconductor space. The ecosystem for chips in India is for the very brave. India has said its government has a high say-do ratio. This kind of trust is important because India’s semiconductor development is just starting,”he said.
The company recently exited the $19.5 billion joint venture with Vedanta for setting up a semiconductor unit in Gujarat. The split of the joint venture between Anil Agarwal’s Vedanta and Foxconn was mainly owing to culture issues, a government official said.
While Vedanta has mentioned that the company has identified its technology partner and will soon finalise its plans, Foxconn is yet to find any partner to start its semiconductor manufacturing project.
On Thursday, Reuters reported that Foxconn subsidiary is in talks to invest up to $200 million in Tamil Nadu to build a new plant for electronic components.
https://www.financialexpress.com/industry/foxconn-looks-to-invest-2-billion-in-india-over-5-years/3191529/
