World’s leading electronics giant shifts focus to India: 6,000 jobs on the horizon.
Foxconn, the global electronics behemoth, inked an agreement with Tamil Nadu. This is Foxconn’s fresh leap into India after its staggering $19.5 billion JV disengagement with Vedanta.
Foxconn, or Hon Hai Technology Group, demonstrates renewed interest in the Indian market. Brand Cheng, CEO of Foxconn Industrial Internet (Fii), recently held deliberations with Tamil Nadu’s top officials, culminating in July’s MoU. Additionally, there’s the buzz about FII’s Rs 8,800 crore unit proposal in Karnataka’s Tumakuru.
T R B Rajaa, Tamil Nadu’s Industries Minister, emphasised the state’s magnetic pull for global manufacturers. “Foxconn’s continued expansion in Tamil Nadu validates our state’s allure for global giants,” Rajaa affirmed, noting the electronics facility pact.
From 2021-22’s $1.86 billion to 2022-23’s $5.37 billion, Tamil Nadu has witnessed its electronic exports triple. In the prior year, it clinched the fourth spot as an electronic goods exporter, trailing Karnataka, Uttar Pradesh, and Maharashtra.
Rajaa anticipates this investment spree to elevate Tamil Nadu as India’s top electronics exporter. “This venture and impending ones will bolster our electronics exports, resonating with our Chief Minister’s vision of a $1 trillion economy,” he added.
Foxconn debuted in India back in 2006, crafting for Nokia in Chennai. Despite winding up Chennai operations post-Nokia’s acquisition by Microsoft in 2014, Foxconn rebounded as Apple’s key manufacturer. Currently, it boasts about 15 subsidiaries in India.
