Tamil Nadu: Foxconn Subsidiary Inks Rs 1,600 Crore Deal For Electronic Components Manufacturing Facility

Foxconn Industrial Internet, a subsidiary of Taiwanese company Foxconn, has signed a new agreement with the Tamil Nadu government to establish a manufacturing facility for electronics components. This venture will entail an investment of Rs 1,600 crore.

The proposed facility will be located in Kancheepuram and is expected to provide employment opportunities for around 6,000 people.

During his visit to Chennai on Monday (31 July), Foxconn Group Chairman Young Liu met with Chief Minister M K Stalin to discuss the details of the deal.

Stalin said in a tweet that they additionally discussed further investments in electric vehicle and electronic components.

Lauding the agreement, the Chief Minister said, "Another milestone in our ambition to make TN the new emerging electronics manufacturing hub of Asia!"

T R B Rajaa, the Minister for Industries, Investment Promotion, and Commerce, expressed his appreciation for Foxconn's continued investments and expansion plans in Tamil Nadu.

The state has emerged as the top exporter of electronic goods in India, with a remarkable increase in exports during 2022-2023, reaching $5.37 billion. In that period, Tamil Nadu accounted for 22.8 per cent of India's total electronic exports.

“With this proposed investment (of the Foxconn subsidiary), and many more to come, Tamil Nadu is poised to not only remain the top electronics exporter in the country, but to also significantly increase its electronics exports in the coming years," Rajaa said.

"This will play a critical role in attaining our Chief Minister’s ambition of Tamil Nadu’s becoming a $1 trillion economy."