Taiwanese multinational company Foxconn started the construction of a state-of-the-art electronics manufacturing plant in India. The work will last nine months.
Taiwanese multinational corporation Foxconn Interconnect Technology Limited started the construction of a state-of-the-art plant for manufacturing equipment and electronic components in Hyderabad, central-south India. According to Indian newspaper Business Standard, “Foxconn’s investment in the new plant will be around $500 million.”
Construction work should be completed in April-May 2024. The new plant will employ 25,000 Indians. This social factor is especially important, as the state of Telengana, whose capital is Hyderabad, has an unemployment rate of over 5.23% (March 2023).
The new Taiwanese plant will produce electronic equipment for telecommunications and a variety of specific components for the assembly of laptops and personal computers, as well as for the subsequent production of various types of electronic systems.
After analyzing its first Indian experience, Foxconn will expand its industrial presence in the country. According to Business Standard, negotiations are underway between Foxconn, the Taiwanese chip giant Taiwan Semiconductor Manufacturing Co. (TSMC), and the Japanese microelectronics group Tmh Group, regarding the construction of a very modern semiconductor and chip manufacturing plant in India. If these tripartite negotiations are successful, the new plant will produce gallium nitride-based microchips to be used in energy equipment, electric vehicles, and telecommunications systems.
As for the Indian automotive industry, the Chinese BYD just offered New Delhi $1 billion to invest in electric vehicles.