Tamil Nadu

Tamil Nadu makes EV pitch to Foxconn

Tamil Nadu government officials met Foxconn chairman Young Liu and pitched the State for the company’s expansion in the electronics segment and entry into the emerging sectors such as electric vehicles and semiconductors.

Pooja Kulkarni, MD and CEO, Guidance, the State’s  investment promotion agency, met Mr. Liu, along with her team, listed the advantages of investing in the State and offered to help the company in expansion, sources said.

The sources said Foxconn was keen on exploring opportunities in new-age electronics, electric vehicles and semiconductors.

“The partnership between Tamil Nadu and Foxconn started in 2006, and has been growing. In fact, the company started its Indian operations in Tamil Nadu; at present, the State hosts the company’s most extensive and diverse manufacturing base,” an official said.

Foxconn facilities in Tamil Nadu manufacture a range of mobile phones, televisions and electrical components for the world's leading brands and employ a significant number of employees. The company is using advanced manufacturing and Artificial Intelligence-driven technology.

Earlier this week, Telangana Minister for Industries and Information Technology K.T. Rama Rao met a Foxconn team and highlighted the State’s policies and infrastructure. In February this year, Vedanta and Foxconn signed a memorandum of understanding to form a joint venture in which Vedanta will hold 60% equity and the rest will go to Foxconn. The joint venture is for setting up a semiconductor manufacturing plant over the next two years.

Tamil Nadu, the second-largest economy in India with a GDP of ₹300 billion, has been India’s automobile and electronics hub for decades. It was natural for marquee electric vehicle companies to choose Tamil Nadu as their destination, making the State ‘The EV Capital of India’, officials said.

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Printable version | Jun 26, 2022 12:51:01 am | https://www.thehindu.com/news/national/tamil-nadu/tamil-nadu-makes-ev-pitch-to-foxconn/article65564072.ece