Foxconn to wind up ambitious investment proposal in state

Chief Minister Devendra Fadnavis is confident about investment by the Taiwanbased giant manufacturer Foxconn once the tension between India and China is diluted. However, his colleague from the state cabinet and industries minister Subhash Desai said that there is no communication from the Foxconn since the past few months.

Desai, however, did not clarify whether the company has withdrawn its investment proposal or has winded up its proposed project in Maharashtra.

During Make in Maharashtra week in 2015, Foxconn had announced investment of Rs 30,000 crore to set up multiple manufacturing facilities for products, including iPhones, tablets, spread over a period of five years.

However, the company has not yet begun its plant. The company has stated in a memorandum of understanding, signed with the industry ministry, that it would generate an employment of over 50,000 once the unit is operational.

Elaborating on why the MoU, which has not come into actual existence, Desai said, “They wanted a plot for the plant near the airport and port. So, we had suggested few plots near Talegaon, Khopoli and later at Khalapur. But so far no progress has been made in this regard.”

“There has been no progress in investments from Foxconn in the state,” said Desai. There is no communication from the company. The tension between India and China may be the reason behind the stalled of the project,” he added.

He confirmed that the company has hired a private plot in Navi Mumbai and said that the assembly job has not yet started from that unit also.

He said that there are a few other companies from the electronic sector, which are ready to invest in the state. “Presently, 44 new industries from electronics sector are on the cards, with expectations of over Rs 30,400 crore investment, and employment generation of over one lakh. However, it takes at least 3-5 years for any industry to settle down,” Desai said.