Foxconn to invest ₹15,000cr in Tamil Nadu, generate 14,000 jobs
What's the story
Taiwanese tech giant Foxconn has announced a massive investment of ₹15,000 crore in Tamil Nadu. The move is likely to generate as many as 14,000 new jobs in the state. The announcement was made by the state's Industries Minister TRB Rajaa on social media. He noted that this is the largest commitment ever made for Tamil Nadu so far.
Investor support
First dedicated Foxconn desk in India
The Tamil Nadu government's investment promotion agency, Guidance Tamil Nadu, will set up a dedicated Foxconn Desk. This desk will be India's first and is aimed at streamlining investor coordination and project execution. The move comes as part of the state's efforts to attract more foreign direct investment (FDI) and boost its industrial sector.
Strategic growth
Future plans for Tamil Nadu
Foxconn's future plans for Tamil Nadu include value-added manufacturing, research and development (R&D) integration, and artificial intelligence (AI)-led advanced tech operations. The company's India chairman Robert Wu met with Tamil Nadu Chief Minister MK Stalin to reaffirm their trust in the state as a destination for investment.
Global hub
Wu expresses confidence in Tamil Nadu's ease of doing business
The Tamil Nadu government has reiterated its commitment to making the state a global hub for high-value manufacturing, exports, and engineering innovation. Wu expressed confidence in Tamil Nadu's governance model, industrial policies, and talent pool. He said that the state's infrastructure readiness and ease of doing business reforms make it an ideal location for Foxconn's next phase of growth in India.