Telangana, Minister of IT and Industry, KT Rama Rao, met on Thursday with Young Liu, chairman of the Taiwanese electronics giant Foxconn, in the national capital and invited him to explore investment opportunities in the state.
Foxconn, one of the leading providers of electronic manufacturing services, has production units in Tamil Nadu and Andhra Pradesh. During the interaction, the Minister of Telangana and Liu Foxconn discussed plans to expand its footprint in India, reads an official statement.
“Foxconn is one of the largest employers in the field of electronic manufacturing worldwide. We are excited about their decision to also venture into the production of electronic vehicles (EVs). I assure the company of the best support possible from Telangana and invite the team to explore the state, ”Rao said.
Telangana has emerged as a preferred investment destination for investments in the electronics sector and boasts a vibrant R&D and innovation ecosystem. The state is equipped with robust industrial infrastructure and is well positioned to meet the requirements of global majors, he added.
Rao also shared the steps the state government has taken to create an empowering environment and infrastructure for the promotion of electronic manufacturing in Telangana.
Discussing the company’s future plans, the Foxconn chairman said: “India is an attractive manufacturing destination, and we would like to see how we can expand our manufacturing footprint. Our India experience has been exciting, and we look forward to the explore opportunities that Telangana offers …. “Telangana IT General Secretary Jayesh Ranjan and Director Electronics Electronics Sujai Karampuri were also present at the meeting.
In other developments, Liu on Thursday also met with Vedanta Group Managing Director Akarsh Hebbar to discuss the roadmap of their proposed electronic chip manufacturing plant and its location.
Vedanta and Foxconn signed a memorandum of understanding in February to set up a joint venture in India. Vedanta will hold 60 percent of the shares in the joint venture, while Foxconn will own 40 percent.
“Foxconn Chairman Young Liu met with Akarsh Hebbar, Vedanta Group’s Global Managing Director of Display & Semiconductor Business, in New Delhi to discuss the next steps for their proposed partnership to manufacture semiconductor chips in India,” Foxconn said in a statement. statement said.
According to sources, both discussed the location of the construction of their semiconductor plant, which will be announced soon.
It is the first joint venture in the electronics manufacturing space after the government announced a semiconductor and display manufacturing incentive scheme.
Vedanta plans to invest about $ 15 billion in a phased manner over the next 5-10 years to build screens and semiconductor chips in India.
The JV will look at setting up a semiconductor manufacturing plant in the next two years.