Foxconn’s Arm Refutes Rs 1,600 Crore Deal for Facility Construction in Tamil Nadu, According to Report.

Foxconn

Foxconn Industrial Internet (FII), a subsidiary of the renowned technology giant Foxconn, has refuted claims about signing any deal with the Tamil Nadu government to establish a new electronic components facility in the southern state, according to a report by China’s Securities Times, as cited by Reuters.

The Securities Times newspaper quoted FII as saying, “We did not sign any investment agreement,” adding that the company had already issued a statement in July debunking similar rumors.

Contrary to the government’s statement on Monday, asserting that FII had signed an agreement with Tamil Nadu and planned to invest Rs 1,600 crore ($194.45 million) in building a campus in the Kancheepuram district near Chennai, Foxconn’s arm has clarified its stance.

Foxconn

The proposed facility will be distinct from the current expansive campus located near Chennai, where Foxconn is responsible for assembling Apple’s iPhones and employs over 35,000 people, according to a source revealed by Reuters yesterday.

However, the Tamil Nadu state government has not yet responded to requests for comments regarding the matter. Nonetheless, they mentioned on LinkedIn that a “big announcement” was anticipated during the day, which would further consolidate Tamil Nadu’s position as India’s leading “Electronics Powerhouse.”

Foxconn’s FII specializes in manufacturing electronic devices, cloud service equipment, and industrial robots. As of now, it remains uncertain whether the new plant in India would produce components solely for iPhones or for other companies as well, or perhaps both.

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In conclusion, Foxconn Industrial Internet has discredited the reports of the alleged deal with the Tamil Nadu government, throwing light on the situation and keeping the subject matter under scrutiny for further developments.

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