Foxconn to sign US$194 mn components plant deal with Tamil Nadu: Sources

A subsidiary of Foxconn is likely to sign an agreement with the Tamil Nadu state government to build a new facility for electronic components. According to a senior official from the state government, the new unit will create almost 6,000 new jobs.

As per sources, the Foxconn Industrial Internet (FII) is likely to invest ₹16 billion (US$194.45 million) to build the campus in Kancheepuram district, near the state’s capital of Chennai.

This facility will be separate from the existing unit near Chennai which assembles Apple’s iPhones and has given employment to more than 35,000 people. However, the company has not responded to the information so far.

According to Reuters the subsidiary of Foxconn was in talks with Tamil Nadu about the investment, with the company aiming to for the completion of the plant by 2024.

The division of the Foxconn Industrial Internet (FII) manufactures industrial robots, electronic devices, and cloud service hardware. It wasn’t immediately apparent whether the new plant in India would produce parts for iPhones, for other businesses, or both.

According to the sources, it is likely that the state government will make an official announcement in the later part of the day. Noteworthy here is that Foxconn Chairman Young Liu, who has been in India to attend the federal government’s semiconductor conference, will be present at the signing ceremony with the state chief minister.

Sources claims that Foxconn is planning to quadruple the workforce at its iPhone factory in Tamil Nadu by late 2024.