Tamil Nadu confirms: Foxconn will invest Rs 16,000 crore in the state 

The Tamil Nadu government on Tuesday (August 1) clarified that Foxconn Corporation is investing in the state, after all. Reuters had earlier said a Foxconn arm had denied the investment. Subsequently, speaking to Puthiya Thalaimurai, a senior Tamil Nadu government official said the investment is officially on.

“There are already two Foxconn facilities in Tamil Nadu. This marks the third facility in agreement,” the Department of Industries official clarified. “As a result, investments have come in, creating job opportunities. The company will produce more products in the existing facility itself.” 

Today, a Reuters report, quoting China’s Securities Times, said: “A subsidiary of tech giant Foxconn said that it had not signed any agreement to invest Rs 16 billion or Rs 16,000 crore with the state.”  

The official pointed out that while the deal was signed with the Taiwan-based parent company, the Reuters report had spoken to a source at China-based Foxconn Industrial Internet (FII), a subsidiary. The FII source may not have been aware of the parent firm’s deal.

Deal inked

On Monday, the TN government announced that it had inked a deal with Foxconn for setting up a new electronic components manufacturing facility in the state. The investment was estimated at Rs 1,600 crore, with the potential to generate 6,000 jobs.

https://twitter.com/mkstalin/status/1685936581302255616?s=20

“Investment commitment to establish a mobile component manufacturing facility in Kancheepuram district for Rs 1,600 crore with a potential employment for 6,000 persons was signed in my presence,” said Tamil Nadu Chief Minister  MK Stalin in a 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!”