Apple iPhone maker Foxconn to invest $5-bn in electronics plant in Maharashtra

Foxconn, a Taiwanese electronics contract manufacturing company, plans to invest $ 5 billion over three years to set up a manufacturing unit in Maharashtra. A memorandum of understanding (MoU) to this effect was signed between the Maharashtra government and Han Hoi Precision Industry Company Ltd, which operates under the trade name Foxconn, on August 8, 2015 in Mumbai.
 
Foxconn investment deal follows the GM’s last month announcement to invest $1 billion by 2020 for expanding its automotive manufacturing capacity at Talegaon plant in Pune (Maharashtra).

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Foxconn, which is yet to identify a site for its proposed production unit, will also establish a research and development (R&D) unit at the site. Foxconn - which contract manufactures devices like Apple iPhone, BlackBerry, Kindle e-reader, and Playstation video game consoles – has also not disclosed the brands that it will manufacture at its proposed Maharashtra unit.
 
Terry Gou, founder & chairman of Foxconn said that Foxconn had zeroed in on Maharashtra because Mumbai, as a financial centre, had ample talent, mushrooming start-ups and the facility for software-hardware integration.
 
The company said it would partner with local companies for its Maharashtra unit. Terry Gou has also met with Tata group companies like Tata Consultancy Services (TCS), construction firm Shapoorji Pallonji and automotive major Bharat Forge.
 
FOR COMPLETE REPORT READ: Foxconn to set up production unit in Maharashtra for $5 bn