Taiwanese tech giant Foxconn on Saturday said that it hasn't "entered into any binding, definitive agreements" for new India investment despite the visit of its chairman to the country, reported news agency AFP.
"Foxconn has not entered into binding, definitive agreements for new investments during this trip," the company said in a statement.
The clarification comes after a Bloomberg report said that Foxconn is looking to invest $700 million in a new plant in Karnataka for building iPhone parts. "Negotiations and internal review are ongoing. Financial investment sums discussed in the media are not information being released by Foxconn."
Karnataka Chief Minister Basavaraj Bommai had earlier said that the state government had inked an agreement with Foxconn for a big investment. "Agreement signed with Foxconn, leading electronics major, to make major investment in the state after a detailed discussion with co’s C’man Young Liu. It is expected to create 1 lakh jobs. 300 acres of land near Bengaluru Int. airport allocated," Bommai tweeted.
The Telangana government recently announced that it had signed a deal with Foxconn to invest in the state. "Super stoked to announce a mega investment by @HonHai_Foxconn in Telangana that will create employment for a whopping One Lakh youngsters in Telangana," Telangana IT minister KT Rama Rao tweeted.
Foxconn chairman and CEO Young Liu visited India from February 27 to March 4. “My trip this week supported Foxconn’s efforts to deepen partnerships, meet old friends and make new ones, and seek cooperation in new areas such as semiconductor development and electric vehicles,” Liu said. “Foxconn will continue to communicate with local governments to seek the most beneficial development opportunities for the company and all stakeholders.”
Currently, Foxconn has facilities in Andhra Pradesh and Tamil Nadu which are used to manufacture products for Apple and Amazon. Other than Foxconn, Apple has two more suppliers operating in India, including Pegatron and Wistron. The Taiwanese company's renewed interest in India can be attributed to growing global geo-political tensions surrounding US and China. However, the biggest Apple iPhone manufacturing facility owned by Foxconn is established in China.
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Also Read: iPhone maker Foxconn to set up electronics manufacturing plant in Telangana, create 1 lakh jobs