Foxconn Industrial Internet (FII), a subsidiary of Taiwanese firm Foxconn, is likely to set up a state-of-the-art facility in Tamil Nadu to manufacture high-end electronic components.
On Wednesday Foxconn Industrial Internet CEO Brand Cheng met Tamil Nadu Chief Minister MK Stalin and Industry, Investment Promotion and Commerce Minister TRB Raja and discussed their plans.
State government officials who attended the meeting remained tight-lipped about the discussion. Sources aware of the details of the meeting said the company was keen on Tamil Nadu considering its long-standing existing relationship with the state. “It is going to be a new investment,” said a source.
The development comes at a time when Tamil Nadu has become the top exporter of electronic goods in India, with exports expected to grow nearly three-fold to $5.37 billion during 2022-2023. The state’s share in India’s electronic exports was 22.8%. A few days back Fii had proposed to set up a plant in Tumakuru, Karnataka. As per the proposal, the company plans to invest around Rs 8,800 crore.