A Foxconn unit is currently in talks with Tamil Nadu to invest approximately US $200 million for building a new plant for electronic components, Reuters reported, citiing two persons in the know.
This comes close to the heels of the semiconductor company’s recent decision to withdraw from a US$ 19.5 billion semiconductor joint venture with Vedanta in India. Instead, the company has evinced interest in applying for incentives offered by India under its semiconductor manufacturing policy.
Brand Cheng, CEO of Foxconn Industrial Internet, alongside company representatives, held a meeting with Tamil Nadu officials, including its chief minister, last week to deliberater upon potential investments in the state. The government issued a statement after the meeting, but no further details were provided, Reuters reported.
Foxconn refused to offer a statement to the newswire.
Foxconn already has a massive campus near Chennai city in Tamil Nadu where it assembles Apple’s iphones.