“Taiwan's Foxconn plans $5 billion investment over five years in Indian facility”
The world's largest contract
electronics manufacturer and a key supplier to Apple Inc, on Saturday
signed a pact with India's Maharashtra state to invest $5 billion over five
years on a new electronics manufacturing facility.
The
announcement was made by Foxconn founder Terry Gou and Maharashtra Chief
Minister Devendra Fadnavis.
Foxconn Chairman Terry Gou said the
facility in Maharashtra will focus on research and development as well as
manufacturing.
The Foxconn announcement will bolster
Indian Prime Minister Narendra Modi's "Make in India" campaign, which
aims to turn Asia's third-largest economy into a manufacturing powerhouse.
He had said in May that Foxconn was
aiming to develop 10-12 facilities in India, including factories and data
centers, by 2020. Local businessmen are hoping that as Foxconn and other
companies invest in the country, suppliers will follow.
Foxconn will create
direct employment of 50,000 people through this MoU, Fadnavis said.
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