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Foxconn, the largest electronics manufacturer in the world held a meeting with the ministerial delegation from Maharashtra and discussed the advanced investment plans in the semiconductor and consumer electronic segment on Sunday.
According to the government of Maharashtra, the state secured more than ₹6 lakh crore worth of investments and has also allocated industrial land, infrastructure, and facilities to more than 80% of these investors in record time.
The state government said that Pune has emerged as the most natural choice for Foxconn with one of the best talent pool, industrial ecosystem, consumer base and residential spaces in Asia.
"Foxconn will be joining a league of global OEMs and world class suppliers and will partner with the state to build the world’s electronics and supply chain backbone," the Maharashtra government added.
Maharashtra deligation was led by Subash Desai, Baldev Singh and Dr P Anbalagan.
The state delegation also comprised of 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 Foxconn.
Young Liu, Chairman of Taiwan-based Foxconn Liu expressed enthusiasm to find synergies of scale with Maharashtra and jointly develop world-class talent and products.
Last week, Liu 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 % of the equity in the JV, while Foxconn will own 40 %.
Vedanta is planning to invest around USD 15 billion in a phase-wise manner over the next 5-10 years to build displays and semiconductor chips in India.
The Foxconn chairman also met Telangana IT and Industries Minister KT Rama Rao where they discussed the company's plan of expanding its footprint in India.