Foxconn To Invest $5 Billion In India And Generate 50,000 Jobs

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BANGALORE – The biggest foreign direct investment (FDI) happened in the country as tech manufacturing giant Foxconn Technology Group will invest over $5 billion in the state of Maharashtra in account of a manufacturing project, reports The Indian Express.

Foxconn Technology Group, is the manufacturing unit of Apple phones. The company client list include names of telecom pioneers like pple, BlackBerry, Motorola, Amazon Cisco and Xiaomi.

On Saturday, an MoU was signed between the company and Maharashtra government, based on which a total of 1,500 acres at Taloja in Pune will be given off for this project.

This is the biggest FDI happening in the country not only during Modi days but also in past several years.

Foxconn chairman Terry Gou stated reasons for selecting Maharashtra as the productive zone. Maharshtra is a leading financial state that is home to real talent. He also made mention that local players will also be encouraged to participate in this government-business bond.

Gou has also already conducted meetings and conferences with Prime Minister, Minister for Communications and IT Ravi Shankar Prasad. From these, he hopes to bring up around twelve regional offices of Foxconn in India.

Gou framed the mission of his company in India as to contribute in research and development and manufacturing sector.

Maharashtra Chief Minister Devendra Fadnavis ,made worthy comments on the new deal, Today, we have translated our meeting into reality. The investment of Rs 35,000 crore will generate jobs for 50,000 people in state.”

This project will be called Taloja which will be promoted by the Maharashtra Industrial Development Corporation, and houses several other industrial units

Fadnavis’s tenure is building strong finance base in Maharashtra. The state was also considered productive for investment by General Motors. The company wanted to shift to Pune from their ongoing project at Gujarat.