Foxconn setting up £3.2bn facility in India

Taiwan-based electronics manufacturer Foxconn is about to invest $5 billion (£3.2bn) to create a new electronic manufacturing facility in India.

The investment, of the biggest Foreign Direct Investment projects in India in recent years, was announced by Foxconn founder Terry Gou and Maharashtra Chief Minister Devendra Fadnavis.

The investment will see a new production facility built in Taloja in Pune district, which is located in the state of Maharashtra.

The state will, for the facility’s purposes, allocate 1,500 acres of land.

Indian Express reports, citing officials, that thin film transistors (TFT), which are used in high definition TV sets, will be produced in the facility.

Foxconn has a number of globally popular brands for clients, such as Blackberry, Motorola, Amazon, Sony and Huawei, but Apple is by far the biggest.

Maharashtra Chief Minister Devendra Fadnavis, who had held talks with Foxconn during his visit to China earlier this year, said the new investment will create 50,000 new jobs.

“Today, we have translated our meeting into reality. The investment of Rs 35,000 crore will generate jobs for 50,000 people in state,” he said.

And according to IB Times, there are also reports that Foxconn was in talks with Indian firms Adani Enterprises, Micromax and Snapdeal to set up factories in India.

The biggest foreign investment proposal in India so far has been South Korean steelmaker Posco’s over $ 12 billion (£7.76bn) commitment for a plant in Odisha, which was grounded in the face of protests by environmentalists and local people during the term of the previous UPA government.