electronic manufacturing giant Foxconn has announced it will invest $5
billion over the next five years in Maharashtra, which has given the
Taiwan-based company 1,500 acres of land for its plant.
Foxconn chairman Terry Gou said the facility in Maharashtra will focus
on research and development as well as manufacturing, and the company
has chosen the state for being a financial centre, availability of
quality talent and software-hardware integration facilities.
Foxconn will look for tie-ups with local partners for its presence in
this state, Gou said, while adding that this MoU with the Maharashtra
government was different from the already announced JV with the Adani
group. READ ALSO: India's Adani in talks with Foxconn for a JV
At an event organized to announce the investment and a Memorandum of
Understanding in this regard between the company and the state
government, Maharashtra chief minister Devendra Fadnavis said Foxconn
will be given 1,500 acres of land. Foxconn will create direct employment of 50,000 people through this MoU, Fadnavis said. READ ALSO: Foxconn plans to create over million jobs in India by2020
Gou said the MoU between Foxconn and the state government for setting
up the plant follows two months of active discussions during which he
met the chief minister seven times and a team of 60-70 people from
Foxconn was working on this.