Taiwan based electronics firm Foxconn has announced that it will be investing US$ 5 billion dollars in the western Indian state of Maharashtra. The company plans to put money for setting up manufacturing, R&D facilities in the state over the next five years. The announcement was made by Terry Gou Founder, chairman, and CEO, Foxconn and Maharashtra CM Devendra Fadnavis in Mumbai.
Foxconn makes devices for Apple, Huawei, Xiaomi, Black Berry and Motorola.
Foxconn has already signed a memorandum of understanding (MoU) with Maharashtra government on Saturday, to set up its manufacturing facility in the state. The company would also appoint around 50,000 people for the new facilities. The state government ha allotted 1500 acres of land for the new facility at Taloja in Pune district.
Earlier the company made an announcement to set-up around 10-12 manufacturing units in India. This indicated Foxconn is focusing on its business expansion in India. The constant announcements from the company for India will help in strengthening PM led ‘Make in India’ campaign and bolster India’s manufacturing base, generate jobs and reduce the country’s reliance on imports.
Accoding to reports, Foxconn has chosen Maharashtra as the favoured destination for its investment. The company had been shown land in Pune district and also in and around Nagpur and Aurangabad for its proposed investment. In the first phase, the company may invest US$ 1 billion in the state.
