New Delhi: Foxconn, a significant Taiwanese manufacturer of electronic components, declared on Friday that it intends to invest $2 billion in India over the following five years.
According to Foxconn Chairman Young Liu, the investment would encompass the company’s electronic manufacturing facilities, semiconductors, etc.
The Foxconn news comes when the business is exploring a different supply network outside of China. One of the vital contract producers of iPhones and a participant in the government’s programme of production-linked incentives is Foxconn.
At the SemiconIndia 2023 event, Liu said, “Prime Minister Narendra Modi once mentioned that IT stands for India and Taiwan. Honourable Prime Minister, Taiwan is and will be your most trusted and reliable partner. Let’s do this together.”
Liu also expressed optimism about India’s semiconductor mission. “I am very optimistic about how India is taking into the semiconductor space. The ecosystem for chips in India is for the very brave. India has said its government has a high say-do ratio. This kind of trust is important because India’s semiconductor development is just starting,” he said.
The company recently exited the $19.5 billion joint venture with Vedanta to set up a semiconductor unit in Gujarat. A government official said the joint venture split between Anil Agarwal’s Vedanta and Foxconn was due to cultural issues.
Foxconn has not yet chosen a partner with whom to start its chip production project, but Vedanta has announced that the company has chosen its technical partner and will soon be finished with its preparations.
On Thursday, Reuters reported that the Foxconn subsidiary is in talks to invest up to $200 million in Tamil Nadu to build a new plant for electronic components.