The Taiwan EMS major, Foxconn eyes a new semiconductor fabrication unit in India. Foxconn has submitted an application showing its interest in establishing a new semiconductor fabrication unit in India. As mentioned by Rajeev Chandrasekhar, the Minister of State for Electronics and IT in the parliament, the application to setup the new fab unit has been taken under the “modified scheme for setting up of semiconductor fabs in India”.
The Indian Government has been extolled about attracting large investments and also giving lucrative incentives for setting up Semiconductor Fabrication Unit and electronic goods and appliances while promoting exports of India-grown electronic goods.
V Lee, Foxconn’s representative in India, stated in a LinkedIn post on Indian Prime Minister Narendra Modi’s 73rd birthday that the company was targeting to double its employment, foreign direct investment (FDI), and business size in India by next year. However, he did not provide further details.
Foxconn has already established its iPhone factory in the state of Tamil Nadu which has approx 40,000 employees.
In August, the state of Karnataka announced that Foxconn will invest $600 million in two projects in the state to manufacture casing components for iPhones and chip-making equipment. Liu Young-way, the company’s Chairman, expressed optimism about the potential in India during an earnings briefing last month, stating that their current investment of several billion dollars is just the beginning. This suggests that Foxconn’s commitment to India is likely to grow in the coming years.
Along with semiconductors, Foxconn has momentous plans to escalate its investments in electronic manufacturing, including smartphones and electric vehicles.
Earlier in December, Foxconn received approval to invest an additional US$1 billion on top of the US$1.6 billion it had set aside for a new facility in Karnataka.
You must be logged in to post a comment.