Foxconn's Arm Denies Signing Rs 1,600 Crore Deal With Tamil Nadu Government

A day after Hon Hai Precision Industry aka Foxconn's chairman Young Liu met with Tamil Nadu's chief minister MK Stalin for investment opportunities in the state, the Taiwan-headquartered company's subsidiary Foxconn Industrial Internet (FII) has reportedly denied signing any deal with the Tamil Nadu government for developing electronic components facility.

Reuters cited the Chinese newspaper Securities Times which reported that FII said it did not sign any investment agreement. FII also revealed that they had issued a statement in July refuting similar 'rumours'.

On Monday, Tamil Nadu's CM tweeted saying, "Was delighted to meet the Foxconn Group Chairman Young Liu and his team. Various investment opportunities in Tamil Nadu were discussed."

The state government said that Foxconn and them have signed an agreement.

In the meeting, Stalin said that an investment commitment to establish a mobile component manufacturing facility in Kancheepuram district for Rs 1,600 crore with potential employment for 6000 persons was signed in my presence.

Also, they further discussed additional investments in EV and electronic components.

"Another milestone in our ambition to make TN the new emerging electronics manufacturing hub of Asia!" Stalin's tweet added.

A source told Reuters that 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.

Liu also met with the Prime Minister Narendra Modi in Gandhinagar, Gujarat. The PM welcomed Foxconn's plans to expand semiconductor and chip manufacturing capacity in India.

The Foxconn chairman also tweeted that "Together, India & Taiwan are 'IT --- Digilent, persevering "buffalo spirit" is here." He added, "Always your most trusted, reliable partner."

FII is a leading global total solution provider for smart manufacturing and industrial Internet. The company's business scope covers the whole process of data and builds a bridge between domestic and foreign countries in the global supply chain.

FII has achieved full coverage of the digital economy industry in five categories: cloud and edge computing, industrial internet, smart home, 5G and network communication devices, smartphones and smart wearable devices.