Telangana IT and Industries Minister Katie Rama Rao on Thursday met Yang Liu, chairman of Taiwan’s electronics giant Foxconn, in the national capital and invited him to explore investment opportunities in the state.
Foxconn, a leading electronic manufacturing service provider, has manufacturing units in Tamil Nadu and Andhra Pradesh. During the interaction, the Telangana minister and Liu discussed Foxconn’s plans to expand its footprint in India, an official statement said.
“Foxconn is one of the largest employers in the electronics manufacturing domain globally. We are thrilled with their decision to take the initiative in electronic vehicle (EV) manufacturing as well. I assure the company of the best possible support from Telangana,” he said.
Telangana has emerged as a preferred investment destination for investment in the electronics sector and boasts of a vibrant R&D and innovative ecosystem. The state is equipped with strong industrial infrastructure and is well positioned to meet the needs of major corporations worldwide, he added.
Rao also shared the steps taken by the state government to create a viable environment and infrastructure to encourage electronics manufacturing in Telangana.
Discussing the company’s future plans, the Foxconn chairman said, “India is an attractive manufacturing destination, and we want to see how we can expand our manufacturing footprint. Our experience in India is exciting, and we look forward to exploring the opportunities in Telangana ….” The meeting was also attended by Telangana IT Chief Secretary Jayesh Ranjan and Director Electronics Sujai Karampuri.
Among other developments, Liu met with Vedanta Group Managing Director Akshar Heber on Thursday to discuss the roadmap and location of their proposed electronic chip manufacturing plant.
Vedanta and Foxconn signed a memorandum of understanding in February to form a joint venture company in India. The Vedanta joint venture will have 60 per cent equity, while Foxconn will own 40 per cent.
“Foxconn Chairman Young Liu met with Akshar Heber, Global Managing Director, Display and Semiconductor Business, Vedanta Group, in New Delhi to discuss the next steps in their proposed partnership to manufacture semiconductor chips in India,” Foxconn said in a statement.
According to sources, the two have discussed the location of setting up their semiconductor plant, which will be announced soon.
This is the first joint venture in the electronics manufacturing space after the government announced an incentive scheme for semiconductor and display manufacturing.
Vedanta plans to invest around $ 15 billion over the next 5-10 years to manufacture display and semiconductor chips in India.
JV will look at setting up a semiconductor manufacturing plant in the next two years.