By Press Trust of India | Updated: 24 June 2022
Telangana IT and Industries Minister KT Rama Rao on Thursday met Taiwanese electronics giant Foxconn chairman Young Liu in the national capital and invited him to explore investment opportunities in the state.
Foxconn, one of the leading electronic manufacturing services providers, has production units in Tamil Nadu and Andhra Pradesh. During the interaction, the Telangana minister and Liu discussed Foxconn’s plans of expanding its footprint in India, an official statement said.
“Foxconn is one of the biggest employers globally in the domain of electronics manufacturing. We are excited about their decision to venture into the electronic vehicle (EV) manufacturing too. I assure the company of the best support possible from Telangana and invite the team to explore the state,” Rao said.
Telangana has emerged as a preferred investment destination for investments in the electronics sector and boasts of a vibrant R&D and innovation ecosystem. The state is equipped with robust industrial infrastructure and is well-positioned to meet the requirements of global majors, he added.
Rao also shared the steps taken by the state government in creating an enabling environment and infrastructure for fostering electronics manufacturing in Telangana.
Discussing the company’s future plans, the Foxconn Chairman said, “India is an attractive manufacturing destination, and we would like to see how we can expand our manufacturing footprint. Our India experience has been exciting, and we look forward to exploring the opportunities that Telangana….” Telangana IT Principal Secretary Jayesh Ranjan and Director Electronics Sujai Karampuri were also present during the meeting.
In other development, Liu on Thursday also met Vedanta Group’s Managing Director Akarsh Hebbar to discuss the roadmap of their proposed electronic chip manufacturing plant and its location.
Vedanta and Foxconn had signed a memorandum of understanding in February to form a joint venture company in India. Vedanta will hold 60 percent of the equity in the joint venture, while Foxconn will own 40 percent.
“Foxconn Chairman Young Liu met Akarsh Hebbar, Vedanta Group’s Global Managing Director of Display & Semiconductor Business, in New Delhi to discuss the next steps for their proposed partnership to manufacture semiconductor chips in India,” Foxconn said in a statement.
According to sources, both discussed the location of setting up their semiconductor plant, which will be announced soon.
This is the first joint venture in the electronics manufacturing space after the government announced an incentive scheme for semiconductors and display manufacturing.
Vedanta is planning to invest around $15 billion in a phase-wise manner over the next 5-10 years to build displays and semiconductor chips in India.
The JV will look at setting up a semiconductor manufacturing plant in the next two years.