News Brief
Foxconn Denies Discussing New Rs 15,000 Crore Investment With Tamil Nadu Government: Report
Foxconn
In a surprising turn, Taiwan-based electronics major Hon Hai Technology Group (Foxconn) on Tuesday (14 October) reportedly refuted reports that it had discussed any new investment in Tamil Nadu during its recent meeting with Chief Minister MK Stalin.
The clarification came a day after the state government reportedly claimed that the company had committed Rs 15,000 crore to boost the State’s electronics and advanced manufacturing sector.
Responding to a query from The Times of India, Foxconn stated, "Foxconn's newly appointed India representative Robert Wu had an exchange with the Tamil Nadu chief minister's office and his team. During the meeting, no new investments were discussed."
This contradicts earlier claims made by the Tamil Nadu Industries Department and Industries Minister T R B Rajaa, who had announced the investment following Monday’s (13 October) meeting between the Chief Minister and a Foxconn delegation led by Robert Wu, the company’s India representative.
In response to the company’s denial, the minister’s office maintained that discussions about the Rs 15,000 crore commitment did occur.
The investment, according to the Tamil Nadu government, was expected to create around 14,000 high-value engineering jobs and mark a shift toward value-added manufacturing, integrated research and development, and AI-led operations.
The main dispute centres on whether the Rs 15,000 crore commitment qualifies as a 'new' investment or merely an extension of an existing project previously sanctioned by the Tamil Nadu cabinet.
In May, Foxconn had unveiled a $1.5 billion (approximately Rs 13,000 crore) investment in its Indian arm, Yuzhan Technologies, to establish a smartphone display module manufacturing facility near Chennai, a proposal that received state cabinet approval in October last year.
