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Taiwanese electronics giant Foxconn to invest Rs 1,600 crore in new factory near Chennai

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Taiwanese electronics giant Foxconn has signed an agreement to invest Rs 1,600 crore ($194 million) in a new electronics components manufacturing facility in Tamil Nadu that will create 6,000 jobs, according to a state government statement issued on Monday.

The factory to be set up by Foxconn Industrial Internet, a Foxconn unit, will be set up in Kancheepuram district near Chennai, Reuters news agency cited a state government source as saying.

Foxconn already has a huge facility near Chennai where it assembles Apple’s iPhones and employs more than 35,000 people.

“This is a major achievement for the state,” Tamil Nadu Minister for Industries TRB Rajaa said in a statement, after Foxconn Chairman Young Liu and other representatives met the Chief Minister and other state officials.

Foxconn’s FII makes electronic devices, cloud service equipment and industrial robots. The Taiwanese tech giant plans to expand its operations in India as it looks to set up a supply chain outside China.

Liu has been in India to attend the SemiconIndia 2023 event hosted for global semiconductor companies that was inaugurated by Prime Minister Narendra Modi in Gandhinagar on Friday.

PM Modi said at the event that India is ready to emerge as a trusted partner for the semiconductor industry for setting up a chip manufacturing hub in the country to supply the world. The Prime Minister rolled out the red carpet for the global tech giants who are looking to set up alternative supply chains outside China.

He highlighted the increased incentive under the Semicon India Programme. He elaborated that now technology firms will be given 50 percent financial assistance to set up semiconductor manufacturing facilities in India. “We are continuously carrying out policy reforms to accelerate the growth of the country’s semiconductor sector”, PM Modi said.

Speaking at the event, the Foxconn chairman  said, “I can feel the determination of the Indian government. I am very optimistic of where it’s headed.”

The Foxconn chairman highlighted the buffalo spirit of the Taiwan Semiconductor Industry, which is the ability to work hard without complaining and said that the same spirit can be applied in India. Referring to the high ‘say-do’ ratio of the Indian Government, Mr Liu underlined the importance of trust and working together to overcome the challenges just like Taiwan did many years ago. Mr Liu expressed confidence and optimism in the will and determination of the Indian Government to lead the semiconductor industry. “IT stands for India and Taiwan”, Mr Liu said quoting the Prime Minister and assured that Taiwan will be India’s most trusted and reliable partner in the semiconductor industry.