Foxconn Industrial Internet (FII), a subsidiary of the world’s largest contract manufacturer for Apple, is discussing a potential investment of up to $200 million (₹1,640 crore) with officials from Tamil Nadu. The investment would be used to build a new plant for producing electronic components in the southern region of the country.
What Happened? Last week, FII CEO Brand Cheng and other representatives met with Tamil Nadu officials, including the state’s chief minister. While the exact details of the talks were not disclosed, sources told Reuters that FII presented a plan to initially invest between $180 million and $200 million ((₹1,475 crore-₹1,640 crore) in the new facility.
Why It Matters? Foxconn already operates a large facility near the city of Chennai in Tamil Nadu, where it assembles Apple’s iPhones. However, it remains unclear whether the proposed new facility would produce parts for iPhones or other products.
The company aims to complete the new plant by 2024 and anticipates making additional investments thereafter. Foxconn is also exploring opportunities in the semiconductor sector and is holding discussions with officials from the western state of Gujarat.
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