Foxconn plans mobile component manufacturing arm in TN

Taiwan's Foxconn signed a letter of intent (LoI) with the Tamil Nadu government on Monday to establish a new mobile component manufacturing facility for Rs 1,600 crore in Kancheepuram with potential to generate 6,000 jobs.

On his Twitter handle, Chief Minister M K Stalin said the LoI was signed, in his presence, between the state government and Foxconn Group represented by its chairman Young Liu.

State Industries Minister T R B Rajaa, Chief Secretary Shiv Das Meena and senior officials participated.

"Was delighted to meet the Foxconn Group Chairman Mr.Young Liu and his team. Various investment opportunities in Tamil Nadu were discussed.

"Investment commitment to establish a mobile component manufacturing facility in Kancheepuram district for Rs 1600 crore with a potential employment for 6000 persons was signed in my presence," the chief minister said in the tweet.

"We also discussed further investments in EV and electronic components.

"Another milestone in our ambition to make TN the new emerging electronics manufacturing hub of Asia!" the chief minister further said.

Terming it as "big news and a proud moment for Tamil Nadu," the Industries Minister 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."

Taking to Twitter, the Minister said: "manufacturers who have seen immense success in Tamil Nadu over the past many years know that by investing more in the state they will only gain more.

"This also illustrates the trust global investors have in the leadership of Hon'ble Chief Minister of Tamil Nadu Thiru @MKStalin avargal."

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 Honourable Chief Minister Thiru @MKStalin avargal's ambition of #OneTrillionUSD economy in Tamil Nadu,” he said.

Tamil Nadu has long been the leader in industrial growth, he said.

"With 38,837 factories, as of FY 20 (15.7 per cent of India), we are the Industrial capital of India! While we lead in many sectors to sustain this growth and excel in others we MUST focus on #RnD!" Rajaa said in another tweet.

"On this note we under the leadership of Honourable @CMOTamilnadu @mkstalin have opened up a series of talks with research institutions from across the globe.

"It's is KEY to leverage the strengths of our own knowledge hubs like Anna University and the phenomenal asset in #IITResearchPark #IITMadras! Had the privilege of meeting the astute and effervescent Prof #AshokJhunjhunwala from whom I personally intend to learn and add value to the growth of Research in TN," he said.