Foxconn Signs Rs 1,600 Crore Deal To Set Up Plant In Tamil Nadu

The Tamil Nadu government has signed a deal with tech giant Foxconn's subsidiary Hon Hai Technology Group for a Rs 1,600 crore investment to manufacture mobile phone components in the state.

The facility would be set up by the subsidiary Hon Hai Technology Group, according to Industries Minister TRB Rajaa. 

"The new manufacturing facility would be set up in Kancheepuram district of Tamil Nadu. This would create 6,000 jobs. Foxconn chief today met with Chief Minister MK Stalin," Mr Rajaa said. 

Foxconn already has an Apple iPhone manufacturing facility in Tamil Nadu at Sriperumpudur outside Chennai employing 40,000 people.

Calling this a major achievement, Mr Rajaa, in a statement said "Foxconn's repeated investments and expansion plans in Tamil Nadu are a testament to the state being the top choice for manufacturing in India for major companies across the world. This is a major achievement for the state."

Tamil Nadu ranks No.1 in export of electronic goods with exports in 2022-23 crossing $5.3 billion. Chief Minister Stalin has set a target of turning the state into a trillion-dollar economy by 2030.

Mr Rajaa added, "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. This will play a critical role in attaining our Honourable Chief Minister's ambition of #OneTrillionUSD economy in Tamil Nadu."

Called the 'Detroit of India' with a concentration of automobile companies, Tamil Nadu has also emerged to be the EV capital of India as many electric vehicle manufacturers, including Ola Electric and other battery manufacturers, setting shop in the state.

"Tamil Nadu's talent pool and political stability are key assets. Our plug-and-play model is attractive. The state delivers on incentives and ensures jobs for its people and revenue for the state," Mr Rahaa had told NDTV recently.