Foxconn to set up mobile component facility in TN investing Rs 1,600cr

Chennai, July 31 (SocialNews.XYZ) Taiwanese electronics major Hon Hai Technology Group or Foxconn will be setting up a mobile phone component manufacturing facility in Tamil Nadu's Kancheepuram district at an outlay of Rs 1,600 crore. 

An agreement to this effect was signed between Foxconn and Tamil Nadu government's Guidance Bureau in the presence of Chief Minister M.K. Stalin. 

The Foxconn team led by the Group Chairman Young Liu had met Stalin here. 

"Was delighted to meet the Foxconn Group Chairman Young Liu and his team. Various investment opportunities in Tamil Nadu were discussed. Investment commitment to establish a mobile component manufacturing facility in Kancheepuram district for Rs 1,600 crore with a potential employment for 6,000 persons was signed in my presence," Stalin tweeted. 

"We also discussed further investments in EV (electric vehicle) and electronic components. Another milestone in our ambition to make TN the new emerging electronics manufacturing hub of Asia!" Stalin said. 

According to Industries Minister T.R.B. Rajaa, the Taiwanese group's repeated investments and expansion plans in Tamil Nadu is a testament of Tamil Nadu being the top choice for manufacturing in India for major companies across the world. 

"Manufacturers who have seen immense success in Tamil Nadu over the past many years know that by investing more in the state they will only gain more," Rajaa tweeted. 

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

Currently Foxconn has a facility near here to assemble iPhone for Apple. 

Source: IANS