An offshoot of Foxconn, the prominent Taiwanese electronics manufacturer, is apparently preparing to allocate approximately $200 million for the establishment of an electronic components plant in Chennai.
As per a report from Reuters, CEO Brand Cheng and other representatives from Foxconn Industrial Internet (FII) held discussions with Tamil Nadu Chief Minister MK Stalin and other government officials about this potential investment in the southern state.
According to sources, FII has presented a proposal to the state authorities to make an initial investment ranging from $180 million to $200 million for the facility.
The company, headquartered in Taiwan, has set a target to finish construction of the plant by 2024, with plans for additional investments in the future. Foxconn Industrial Internet is known for manufacturing communication, mobile network, and cloud computing equipment. It’s important to note that Foxconn already operates a vast campus near Chennai, where they assemble Apple’s iPhones.
