Foxconn to set up Rs 1,600 crore mobile component plant in Tamil Nadu’s Kanchipuram

Semiconductor giant Foxconn, on Monday, officially announced that it would set up a mobile component manufacturing facility at the cost of Rs 1,600 crore in Tamil Nadu's Kanchipuram district. Tamil Nadu’s Minister for Industries said that the investment is a testament to the state being the top investment destination in the country. The announcement comes after reports of the deal emerged earlier in the day. 

The state’s industries ministry made the official announcement and said, “Big news and a proud moment for #TamilNadu! Today, in the presence of Hon’ble @CMOTamilnadu Thiru @MKStalin avargal, M/s. Hon Hai Technology Group (#FOXCONN) signed a Letter of Intent with @Guidance_TN to set up a new mobile components manufacturing facility at a cost of Rs. 1600 crore in Kanchipuram district. The project has the potential to generate 6000 jobs.”

The state’s Minister for Industries Dr TRB Rajaa said that Foxconn’s repeated investments and expansion plans in Tamil Nadu – the manufacturer has an assembling plant for Apple’s iPhone in Chennai – are a testament to the state being the “top choice for manufacturing in India for major companies across the world”. 

The minister called it a major achievement for the state. “Manufacturers who have seen immense success in Tamil Nadu over the past many years know that by investing more in the state they will only gain more,” said the minister, further adding that global investors have trust in the leadership of Chief Minister MK Stalin. 

“With this proposed investment, and many more to come, Tamil Nadu is poised to not only remain the top electronics exporter in the country, but also significantly increase its electronics exports in the coming years,” said Rajaa, adding that this investment will play a critical role in the ambition of Tamil Nadu into a $1 trillion economy. 

Earlier in the day, reports in news agency Reuters stated that the plant is expected to be complete by 2024. 

In May, the Tamil Nadu government had signed an MoU with Japan’s Omron Healthcare to set up a medical equipment manufacturing plant. On July 25, the groundbreaking ceremony was held for the state-of-the-art facility where the company would assemble automatic blood pressure monitors. 

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