Foxconn Industrial Internet (Fii), the subsidiary of Taiwanese firm Foxconn is likely to set up a state-of-the-art facility in Tamil Nadu for manufacturing high-end electronic components.
On Wednesday, Brand Cheng, Chief Executive Officer of Foxconn Industrial Internet met Tamil Nadu Chief Minister M.K.Stalin and Minister for Industries, Investment Promotion and Commerce T.R.B.Rajaa and discussed their plans.
State government officials who attended the meeting remained tight-lipped about the discussions. Sources who were aware of the details of the meeting said that the company was keen on Tamil Nadu considering their long-term existing relationship with the State. “This is going to be a fresh investment,” a source said.
The development comes at a time when Tamil Nadu has become the top exporter of electronic goods in India, with exports nearly tripling during 2022-2023 to $5.37 billion. The State accounted for 22.8% of India’s electronic exports. A few days ago Fii made a proposal to set up a plant at Tumakuru in Karnataka. As per the proposal, the company plans to invest around ₹8,800 crore.
