Foxconn Denies INR 16,000 Cr Deal With Indian State, Tamil Nadu
Foxconn’s track record of announcing projects in India that are either incomplete or undisclosed remains undefeated. Just a day after the government of Indian state Tamil Nadu announced it had inked an agreement with semiconductor giant Foxconn to set up a new electronic components manufacturing facility, the Taiwanese company has denied the claims. The news comes within a few weeks of the chip company also pulling out of an INR 1,54,000 crore semiconductor venture with Indian conglomerate Vedanta. A Foxconn subsidiary has stated the company had not agreed to the investment of INR 16,00 crore with the state, China’s Securities Times reported on Tuesday. “We did not sign any investment agreement,” Foxconn Industrial Internet (FII) was quoted, adding the company had issued a statement in July refuting similar “rumours.” According to a reports, FII’s CEO Brand Cheng and other company representatives recently met Tamil Nadu’s Chief Minister MK Stalin and other government officials to discuss the investment in the southern state. In addition, TN’s Industries Minister TRB Raja was also present to discuss investment plans of the iPhone maker. Earlier the CEO had also met Karnataka CM Siddaramaiah. Noticeably, the Foxy business has not just begun in the Indian subcontinent. Previously, the Taiwanese contract manufacturer has stayed in headlines of the Indian media for similar stories with other states like Karnataka and Andhra Pradesh. Earlier, this year Foxconn’s foundry plans in a joint venture with Vedanta, which was in an advanced stage of talks for a site in Maharashtra, suddenly shifted to Gujarat just ahead of the state elections. The company’s efforts to penetrate chip making in India seem to be failing as as a result of the company second guessing its decisions. Read more: Is Foxconn Conning India?
Foxconn’s track record of announcing projects in India that are either incomplete or undisclosed remains undefeated.
Just a day after Indian state Tamil Nadu announced it had inked an agreement withFoxconn to set up a new electronic components manufacturing facility, the company has denied the claims.
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Tasmia is a tech journalist at AIM, looking to bring a fresh perspective to emerging technologies and trends in data science, analytics, and artificial intelligence.