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.
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.