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 investment will be made by the group’s Indian unit, RiR Power Electronics, and firm has committed to start operations in next 18 to 24 months, CM’s office said in a statement.
India wants to establish itself as a semiconductor hub and the high demand for chips means the local market will be worth $80 billion by 2028, almost 4 times its $23 billion size now.
Taiwanese tech giant says it sees India 'establishing robust semiconductor manufacturing ecosystem' and that its working to submit application under govt’s chip manufacturing incentives.
Explaining its breakup with Vedanta, Foxconn said Tuesday ‘there was recognition from both sides that the project was not moving fast enough’ and there were other ‘challenging gaps.’
The companies, partnered last year to set up semiconductor and display production plants in Gujarat, are believed to have disputes over incentive approval delays by Indian government.
Minister of State for Electronics and IT Rajeev Chandrasekhar tweets that it is not for govt 'to get into why or how two private companies choose to partner or not'.
The land for a factory would be handed over to Foxconn by 1 July, the government said. The project, valued at Rs 130 billion, is expected to create around 50,000 jobs.
Mini deal will likely see no cut in 10% baseline tariff on Indian exports announced by Trump on 2 April, it is learnt, but additional 26% tariffs are set to be reduced.
India-Russia JV is also racing to deliver 7,000 more AK-203 assault rifles by 15 Aug. These are currently being made with 50% indigenisation and this will surge to 100% by 31 December.
Public, loud, upfront, filled with impropriety and high praise sometimes laced with insults. This is what we call Trumplomacy. But the larger objective is the same: American supremacy.
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