Foxconn plans to set up one more plant in Tamil Nadu with $200 Million investment: Report

Foxconn is in talks with Tamil Nadu government to set up a new plant for manufacturing Electronics components. The manufacturer is planning to invest up to $200 million. This will be the second Foxconn manufacturing unit in Tamil Nadu.

As per Reuters, Foxconn Industrial Internet (FII)'s CEO Brand Cheng and other company representatives met last week with Tamil Nadu Chief Minister MK Stalin and other government officials to discuss the investment in the southern state. The plant is expected to be complete by 2024, and there is likely to be further investments. A final decision is yet to be made.

Also Read: Foxconn plans to set up 4-5 semiconductor fab units in India: Report

FII has said that the company will initially invest $180 million to $200 million in the facility. Foxconn already has a campus near Chennai where is assembles Apple's iPhone. Foxconn has also committed an investment of $1.07 billion for a new plant in Karnataka. The manufacturer is also in talks with Gujarat government as it eyes entering the semiconductor sector in India.

Meanwhile, Foxconn had pulled out of a $19.5 billion deal with Vedanta, and said that "the project was not moving fast enough.