In a landmark development for India’s manufacturing landscape, global technology giant Foxconn is set to ink a momentous Rs 1,600 crore deal with the state of Tamil Nadu to establish a cutting-edge components plant facility for electronic components that will create 6,000 new jobs, a senior state government source with direct knowledge said. The venture promises to revolutionize the electronics manufacturing industry in the region and pave the way for future growth and technological advancements.
According to Business Standard, The facility will be separate from the current sprawling campus near Chennai where Foxconn assembles Apple’s iPhones and employs more than 35,000 people, the source said. Foxconn did not immediately respond to a request for comment. The state government, which did not immediately respond to a request for comment, said on LinkedIn on Monday morning a “big announcement” was expected during the day that would mean Tamil Nadu would retain its “top position as India’s Electronics Powerhouse.“
Calling this a major achievement, Industries Minister Dr T R B Rajaa, in a statement said
Foxconn’s repeated investments and expansion plans in Tamil Nadu are a testament to the state being the top choice for manufacturing in India for major companies across the world. This is a major achievement for the state.
Tamil Nadu ranks No.1 in export of electronic goods with exports in 2022-23 crossing $5.3 billion. Chief Minister Stalin has set a target of turning the state into a trillion-dollar economy by 2030. Rajaa added “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. This will play a critical role in attaining our Honorable Chief Minister MK Stalin’s ambition of #OneTrillionUSD economy in Tamil Nadu.”
