Foxconn to Invest $5B Over 5 Years in India

Taiwan electronics manufacturer, Foxconn has signed a agreement with Maharashtra government to invest $5 billion over 5 years on a new electronics manufacturing facility. The deal was announced by Foxconn’s Founder Terry Gou and Maharashtra Chief Minister Devendra Fadnavis after signing of a pact in the state capital Mumbai.

The company considers Mumbai for its next IT hub, will hire employees based out of India and also plans to setting up manufacturing units in various Indian states. Gou added that the firm is in talks with Adani Power for Solar Power project tie-ups and is beginning its move in to content creation space through a tie-up with Mukesh Arts, a subsidiary of WhistlingWoods International.

Its other tie-ups include with companies like Snapdeal and Micromax. Also, it counts Blackberry, Xiaomi and Amazon as its clients and it will be a key supplier of components like batteries, speakers, and various other electronics. Foxconn plant would generate employment for about 50,000 people, and will establish an exchange programme for the same.

A few days back, Foxconn has invested $500 million in Snapdeal with participation from Chinese eCommerce company Alibaba alongwith existing Snapdeal investor Softbank. It is also in talks with other states to set up manufacturing units and looking for possible partnership in the World’s fastest growing smartphone market.