Sat. Sep 30th, 2023
Foxconn refutes entering into a binding agreement on new India investment: Report

Taiwanese-headquartered tech giant Foxconn, on Saturday, denied entering into any binding, definitive agreements for new India investment notwithstanding the visit of its chairman to India, reported news agency AFP.

“Foxconn has not entered into binding, definitive agreements for new investments during this trip,” read the company’s statement.  

The company released the clarification after Bloomberg reported about Foxconn’s investment worth $700 million in a new plant in Karnataka for building iPhone parts. 

“Negotiations and internal review are ongoing. Financial investment sums discussed in the media are not the information being released by Foxconn,” the statement said. 

Karnataka Chief Minister Basavaraj Bommai had earlier stated the state government inked a pact with Foxconn for a whopping investment, which could create jobs for youngsters. 

“Agreement signed with Foxconn, leading electronics major, to make a major investment in the state after a detailed discussion with co’s C’man Young Liu. It is expected to create 1 lakh jobs. 300 acres of land near Bengaluru Int. airport allocated,” Bommai tweeted.

Earlier on March 2, the Telangana government minister informed about Foxconn’s investment in the state.

“Super stoked to announce a mega investment by @HonHai_Foxconn in Telangana that will create employment for a whopping One Lakh youngsters in Telangana,” Telangana IT minister KT Rama Rao tweeted.

Foxconn chairman and CEO Young Liu came to India for a visit from February 27 to March 4. 

“My trip this week supported Foxconn’s efforts to deepen partnerships, meet old friends and make new ones, and seek cooperation in new areas such as semiconductor development and electric vehicles,” Liu said. 

“Foxconn will continue to communicate with local governments to seek the most beneficial development opportunities for the company and all stakeholders.”

Foxconn, so far, has facilities in Andhra Pradesh and Tamil Nadu, where it manufactures products for Apple and Amazon. Pegatron and Wistron are two other Apple suppliers in India, alongside Foxconn.

The Taiwanese company’s rekindled interest in India can trace its origin to growing global geo-political tensions surrounding US and China. Foxconn, however, owns the largest Apple iPhone manufacturing facility in China.


By Harshita Sharma

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