Foxconn Eyes Investment in Semiconductor and Consumer Electronics in Maharashtra

Foxconn Eyes Investment in Semiconductor and Consumer Electronics in Maharashtra

Foxconn, the Taiwan-based largest electronics manufacturer, held a meeting with the ministerial delegation from Maharashtra. Led by Subhash Desai, Minister of Industries, Baldev Singh, Additional Chief Secretary (Industries), and P Anbalagan, CEO, MIDC discussed its investment plans in semiconductor and consumer electronics segments. Desai, after the meeting, in a public release, said, “We will provide full institutional support to Foxconn from the state Government and ensure the development of a hi-tech ecosystem that is also socially conscious and brings tremendous skilled employment to the country.”

Maharashtra, in the last two years, has managed to secure investments worth more than Rs 6 lakh crore and allocated world-class industrial land, infrastructure, and facilities to over 80 percent of investors in record time. “We have sharpened our focus on realizing strategic investments and have been able to generate more than 4 lakh jobs in the last two years and we hope to partner with Foxconn to ensure sustainable job creation of high-value talent in the state,” added Desai.

Young Liu, Chairman of Foxconn, also expressed enthusiasm to find synergies of scale with the state and jointly develop world-class talent and products geared toward the future.

Pune has emerged as the most natural choice for Foxconn with one of the best talent pools, consumer base, residential spaces, and industrial ecosystem in Asia. The company will be joining a league of global OEMs and suppliers and will partner with the state to build the world’s electronics and supply chain backbone.

“With pioneering policies that are both lucrative to the investor and strengthen the state’s sectoral value addition, manufacturing and skilling ecosystems, Foxconn’s vision for the future closely aligns with the state’s goal of attracting global partners with a long-term vision,” the state government said.

Maharashtra delegation also comprised Ajit Patil and Ranga Naik, Joint CEOs at MIDC, who held focus group discussions with specialists from Foxconn in the sectors of ICT, Electric Vehicles, Mobility, and battery manufacturing. Industry champions from these sectors who have already invested in the state such as WIPRO, Honeywell, Mitsubishi, Causis E-Mobility, Tata Motors, and Exide, shared their investment experience, discussed localization, and sourcing options, and paved the way for stronger value chain integration with the Taiwanese electronics manufacturer.

Foxconn, which is trying to expand into semiconductor manufacturing and is exploring the South Asian market for its next venture to build for the world, has also successfully held several meetings with Prime Minister Narendra Modi and Ashwini Vaishnaw, Minister for Electronics and Information Technology.

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