Business: Foxconn chairman met PM Modi, announced investment of more than Rs 13 thousand crore in India
Young Liu, chairman of Foxconn Hon Hai Technology Group, has met Prime Minister Narendra Modi. Sharing a photo on social media, Modi wrote, “I have highlighted in this meeting the wonderful opportunities provided by India in the areas of the future. We also discussed in detail their investment plans in states like Karnataka, Tamil Nadu and Andhra Pradesh in India.”
Taiwanese electronics manufacturer Foxconn recently announced an investment of over Rs 13,000 crore in India. Foxconn is working with many big companies including Apple in India. Foxconn’s Tamil Nadu plant currently employs 40,000 people. It plans to employ 53,000 people in the next two years.
Liu has also received India’s Padma Bhushan award on the 75th Republic Day. Its total investment in the country is estimated to be $9-10 billion. It wants to set up 4-5 semiconductor chip manufacturing units. The company will also set up a chip plant in a joint venture with HCL Group to expand its iPhone production facility. Also, it will set up an electric vehicle manufacturing unit and an Apple AirPods plant.
