Taiwan’s Foxconn has signed an agreement with officials in Tamil Nadu to open a new plant in the Southern Indian state.
According to reporting by Reuters, Foxconn’s Industrial Internet unit division will invest invest USD 194 million in the facility in the Kancheepuram district of state capital Chennai. It aims to complete the build by 2024 and create 6,000 jobs. Foxconn already has a campus near the city, which it uses to assemble iPhones.
If the deal is confirmed, it will serve as another boost to the Indian semiconductor sector. Last week, the government revealed a USD 10 billion incentive programme to help India challenge China in the semiconductor space within ten years.
In recent days, the country has announced investments by firms such as Hewlett Packard, Micron and others. Foxconn’s strategy towards India has been mixed. It made headlines when it called off its proposed joint venture with the Vedanta Group, which would have marked India’s entry into genuinely global chip-making.
But against that, it bought USD 33 million worth of equipment from Apple to accelerate its assembly operations in India.