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Foxconn Technology Group, a significant supplier to Apple Inc., on Monday said it will invest Rs 1,600 crore in creating an electronics manufacturing facility in Tamil Nadu’s Kanchipuram district. The initiative is projected to create employment for 6,000 people.
The decision, involving the company’s largest subsidiary, Foxconn Industrial Internet (FII), came out of a meeting between Foxconn Chairman Young Liu and Tamil Nadu Chief Minister M K Stalin, and a Letter of Intent has been signed in this regard.
In financial year 2022-23, Tamil Nadu witnessed its exports nearly triple to $5.37 billion and contributed to 22.8 per cent of the nation’s total electronic exports. The proposed facility will be distinct from Foxconn’s Sriperumbudur units, which are currently responsible for assembling Apple’s top-tier iPhones.
The move followed FII’s earlier proposal to establish a unit in Karnataka’s Tumakuru, close to Bengaluru, with an estimated cost of Rs 8,800 crore.
According to Tamil Nadu Industries Minister T R B Raaja, Foxconn’s consistent investment and growth plans in Tamil Nadu illustrate the state’s prominence as a preferred manufacturing location for global companies in India.The state will work towards achieving CM’s ambition of Tamil Nadu’s becoming a $1 trillion economy, he added.
