Fox­conn in In­dian spotlight, pledges US$5 bil. in­vest­ment


News of Fox­conn Tech­nol­ogy Group’s ( ) US$5 bil­lion in­vest­ment in Ma­ha­rash­tra, In­dia made it into the lo­cal news­pa­per “The Sun­day Ex­press,” yesterday, which called it one of the big­gest di­rect for­eign in­vest­ments in re­cent years.

Fox­conn signed a mem­o­ran­dum of un­der­stand­ing with the state gov­ern­ment, which would dis­trib­ute 1,500 acres of land for the new fa­cil­ity at Taloja in Pune dis­trict for the Tai­wan-based com­pany. It is es­ti­mated that the mem­o­ran­dum could cre­ate ap­prox­i­mately 50,000 jobs in the state, a pro­gram planned to last for the next five years and more, ac­cord­ing to the news re­port.

Fox­conn Chair­man Terry Gou, who met with Ma­ha­rash­tra Chief Min­is­ter Deven­dra Fad­navis dur­ing the sign­ing cer­e­mony, stated that the com­pany chose to in­vest in Ma­ha­rash­tra due to its lead­ing fi­nan­cial cen­ter, and be­cause it is “home to high- qual­ity tal­ent and soft­ware- hard­ware in­te­gra­tion fa­cil­i­ties.”

The re­port fur­ther pointed out that Fox­conn will mainly con­cen­trate on “de­vel­op­ment and pro­duc­tion” in In­dia, the Cen­tral News Agency said. For the com­pany’s long-term plans, Gou found In­dia suit­able as a “man­u­fac­tur­ing and ex­port base,” which in turn fits nicely with Prime Min­is­ter Naren­dra Modi’s plan to rev­o­lu­tion­ize In­dia by “fa­cil­i­tat­ing in­vest­ment, in­no­va­tion and man­u­fac­ture of world-class prod­ucts in the coun- try,” an ini­tia­tive re­ferred “Make in In­dia.”

In­dian of­fi­cials stated that the in­ter­na­tional elec­tron­ics man­u­fac­tur­ing gi­ant could en­ter thin film tran­sis­tor (TFT) pro­duc­tion, usu­ally used in high-def­i­ni­tion tele­vi­sion sets, ac­cord­ing to the re­port.

The Tai­wan-based com­pany’s prom­ise is not only the largest in­vest­ment in “pure play man­u­fac­tur­ing” in Prime Min­is­ter Modi’s term, but also in re­cent years.

Chief Min­is­ter Fad­navis, who met with Gou at the China-based Fox­conn head­quar­ters in May, said dur­ing the sign­ing that “they fi­nally trans­lated our meet­ing into re­al­ity” yesterday.

The cur­rent largest for­eign in­vest­ment plan in In­dia was launched by Posco, a South Korean steel­mak­ing com­pany, through promis­ing US$12 bil­lion to set up a plant in Odisha.

The Sun­day Ex­press is the Sun­day-pa­per ver­sion of the English­language In­dian lo­cal news­pa­per “The In­dian Ex­press.” Ma­ha­rash­tra is a state lo­cated in western In­dia.

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Fox­conn Tech­nol­ogy Group’s ( ) US$5 bil­lion in­vest­ment in Ma­ha­rash­tra, In­dia is splashed across the front page of “The Sun­day Ex­press,” a lo­cal news­pa­per, yesterday. Fox­conn Chair­man and founder Terry Gou was pic­tured pos­ing with Ma­ha­rash­tra Chief Min­is­ter Deven­dra Fad­navis.

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