Foxconn subsidiary company is in talks with Tamil Nadu state government to invest up to $200 million to build a new plant for electronic components in the southern region, two sources were quoted as saying by Reuters.
Brand Cheng, who is the CEO of Foxconn Industrial Internet (FII), along with other company executives met Tamil Nadu officials including the chief minister to discuss the investment proposal, last week, the company said in a statement without revealing any further details.
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FII makes communication, mobile network and cloud computing equipment. It shared its plans with state officials to initially invest $180 million to $200 million in the facility. Foxconn, which is the world's largest contract electronics manufacturer, already has a sprawling campus near Chennai city in Tamil Nadu where it assembles Apple's iPhones.
However, the sources did not reveal whether the plans or if parts made at the proposed facility would be used in iPhones or another company's products. The electronics manufacturer plans to complete the plan by 2024 adding further investments as required, the source further said.
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Foxconn is also eyeing to enter India’s semiconductor sector and is currently in talks with the Gujarat state for it. Its chairman Young Liu is expected to speak at an annual semiconductor event hosted by the government this week.
Last week, the Karnataka state government in south India said it held talks with FII, which had committed to invest $1.07 billion for a new plant.