Foxconn to Invest in Semiconductor and Consumer Electronics in India

- Advertisement -
- Advertisement -

Foxconn plans to invest big in India, and there is a fierce competition raging between Indian states to woo the Taiwanese electronics giant. The plan is to expand its mobile phone manufacturing, and partner with mining giant Vedanta for semiconductors and display fab early this year. The Taiwanese company is planning to establish an EV plant as well and is exploring states to set up plants for all three.

 

Currently, the states of Maharashtra, Telangana, and TN are in the race to woo the electronics giant. In contrast to the rumours of the company settling for just one state, insiders say the company might go for different states instead, for various aforementioned sectors. For example, the company already has manufacturing facilities in Tamil Nadu and Andhra Pradesh.

- Advertisement -

 

Various states are keen to offer incentives, largely because of three general reasons. First, Foxconn setting up a new plant in any state will make it a major manufacturing hub. Second, it will secure continued investments for decades to come, and third, it will create jobs within the state. While the state incentives will be over and above the Indian government’s production-linked incentives (PLI) for the semiconductor sector.

 

Amongst the four states, Maharashtra and Tamil Nadu are established manufacturing hubs for automobiles. Haryana is the third most popular automobile manufacturing hub and the state approved a new policy for EVs this year. According to the policy, there will be a 100 per cent reimbursement of stamp duty along with an exemption in electricity duty for 20 years. The state’s EV policy also gives a state GST reimbursement at 50 per cent of the applicable Net SGST for 10 years. In addition, companies that will manufacture EVs, components of EV and EV batteries, and charging infrastructure will be incentivised with capital subsidies.

 

Last week, Foxconn’s CEO and chairman Young Liu met with Prime Minister Narendra Modi. Liu, with his team, had also interacted with the Electronics and IT (MeitY) minister Ashwini Vaishnav and Minister of State for MeitY, Rajeev Chandrasekhar.


 

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Exclusive

How Effective Will The Global Biofuel Alliance Be?

0
From environmental benefits to economic opportunities, the potential of biofuels in revolutionising our energy landscape. India has made history by hosting the 18th G-20 summit...
Marina

Investments In Drone Industry Decline To US$1.7 billion

0
The 2023 data now separates drone company funding from AAM/eVTOL funding, which significantly boosted the total in 2020 and 2021. Drone companies received US$1.7 billion...

“Now’s A Great Time To Make In India”

0
In news and in current affairs relevant to the current geopolitical situation, India is emerging as one of the fastest-growing electronics manufacturing services nations...

Buzz

Mineral Demand Soars With EV Growth In Korea

0
According to a recent report, South Korea's demand for essential minerals is projected to increase 19 times between 2021 and 2040, driven by the...

Ola Electric Leads With 205 EV Patents

0
Ola Electric, the Indian EV manufacturer set for an IPO, has become the top patent publisher in the country among its peers for the...

Oshkosh Invests In AI Battery Management Firm Eatron

0
Oshkosh's investment in Eatron aligns with its goal to use advanced analytics and predictive modelling for lithium-ion battery management across its electric vehicle fleet. Oshkosh...

Important Sectors

Mineral Demand Soars With EV Growth In Korea

0
According to a recent report, South Korea's demand for essential minerals is projected to increase 19 times between 2021 and 2040, driven by the...

Servotech Secures Major Order For Fast EV Chargers From Indian Oil Corporation And OEMs

0
This strategic move underscores the company's commitment to bolstering India's EV infrastructure and accelerating the nation's transition to sustainable mobility. Servotech Power Systems Ltd. has...

Ola Electric Leads With 205 EV Patents

0
Ola Electric, the Indian EV manufacturer set for an IPO, has become the top patent publisher in the country among its peers for the...

Oshkosh Invests In AI Battery Management Firm Eatron

0
Oshkosh's investment in Eatron aligns with its goal to use advanced analytics and predictive modelling for lithium-ion battery management across its electric vehicle fleet. Oshkosh...

Centre, Maharashtra To Boost Solar & EVs Under PM Suryoday Scheme

0
The Solar2EV Project for Social Justice aims to facilitate the registration of 200,000 electric vehicles in Maharashtra by leveraging solar energy. The Maharashtra and central...

Manufacturing

Union Cabinet Approves CG-Led JV Proposal For OSAT Facility In Sanand

0
CG Power owns a 92.3% stake, while Renesas Electronics and Thai OSAT provider Stars Microelectronics will have 6.8% and 0.9% equity, respectively in the...

Govt Sanctions 3 Semiconductor Plants; Rs 1.26 Lakh Cr Investment

0
The Dholera (Gujarat) semiconductor fab will produce 50,000 wafers monthly. In contrast, the Morigaon (Assam) and Sanand (Gujarat) units will assemble, test, monitor, and...

“Now’s A Great Time To Make In India”

0
In news and in current affairs relevant to the current geopolitical situation, India is emerging as one of the fastest-growing electronics manufacturing services nations...

MeitY Secretary: Domestic Semiconductor Manufacturing Is The Next Big Thing

0
At the India Digital Summit (IDS) 2024, S Krishnan, Secretary of MeitY, highlighted that India is on the brink of a major move towards...

Tata Picks Somerset For UK Battery Plant

0
The Bridgewater factory, operated by the subsidiary Agratas, will initially produce batteries for JLR and Tata Motors; with a capacity of 40GWh, it will...