World’s largest electronics contract manufacturing company in the electronics sector, Foxconn, signed a memorandum of understanding (MoU) with Maharashtra government on Saturday to set up a manufacturing facility with an investment of $5 billion over next five years.
Global electronic manufacturing giant Foxconn on Saturday announced it will invest $5 billion over the next five years in Maharashtra, which has given the Taiwan-based company 1,500 acres of land for its plant.
The announcement was made by Foxconn founder Terry Gou and Maharashtra chief minister Devendra Fadnavis after the signing of an accord between the two in Mumbai.
The state government has assured the Taiwan-based company to allot the land between Mumbai and Pune — and authorities are likely to zero in on Talegaon. Chief minister Devendra Fadnavis said officials from Foxconn have already been shown land parcels and will be taking a call on the exact location soon.
On Tuesday, the Foxconn top brass had a detailed discussion with federal Communications and IT Minister Ravi Shankar Prasad and had said that the company was going to invest in India across verticals like manufacturing, start-ups, energy and e-commerce portals and was also looking at bringing supply chain companies and major technologies.
Gou said the MoU between Foxconn and the state government for setting up the plant follows two months of active discussions during which he met the Chief Minister seven times and a team of 60-70 persons from Foxconn was working on this.