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Foxconn's Rs 1200 Crore Investment Fuels New Manufacturing Plant in India

Taiwanese contract manufacturer Foxconn has expressed its intention to set up a chip assembly and testing facility in India in collaboration with HCL Group. According to the regulatory filing, the move requires an investment of Rs 1,200 crore. The goal is to build facilities to meet business needs on company-owned land. The decision follows Foxconn’s earlier announcement in November 2023, where it has invested more than $1.6 billion in a comparable business in India through its subsidiary Hon Hai Technology India Mega Development.

Taiwanese firm Foxconn on Tuesday announced that it will spend Rs 1,200 crore to set up a new plant in India. The facility will be built on land already owned by the company.

Information about India’s largest iPhone maker was revealed through a legal filing. The company stated that this money is invested in “business needs.” This means that this money needs to be spent to keep its business running smoothly.

The goal is to build the facility on land they own to meet business needs. The move follows Foxconn's earlier announcement in November 2023, where it pledged more than $1.6 billion to develop a similar project in India through its subsidiary Hon Hai Technology India Mega Development.

The deal is another attempt by Foxconn to enter the Indian semiconductor industry after discontinuing its partnership with Vedanta Group last year Despite this setback, Foxconn is rapidly expanding its presence in India.

Just last month, it unveiled plans to invest $37.2 million in a chip packaging and testing facility affiliated with HCL Group after its partnership with Vedanta ends

Apart from this development, Foxconn also signed an agreement with the Tamil Nadu government last year. The deal aimed to build a new electronics processing plant, with an investment of Rs 1,600 crore, while the specifics of this new plant are yet to be specified.

The plant, planned in the Kancheepuram district near Chennai, is different from Foxconn's existing campus where iPhones are assembled. More details of these developments are expected to be revealed in the coming days as development progresses.

Conclusion: As Foxconn prepares to start the construction of its new manufacturing facility, the company reaffirms its strong commitment to drive technological advancement, promote job creation, and drive economic prosperity in India. With an unwavering commitment to excellence and innovation, Foxconn is poised to play a pivotal role in the dynamic and vibrant Indian electronics scene.