Taiwan’s Hon Hai Precision Industry Co has signed a memorandum of understanding to invest US$5 billion in a new plant in the western Indian state of Maharashtra.
The world’s largest contract electronics manufacturer by revenue, also known as Foxconn Technology Group,is a major Apple Inc supplier and assembles products for Sony Corp, Nokia Oyj, Hewlett-Packard Co and Xiaomi Corp.
Hon Hai chairman Terry Gou signed the MoU with Maharashtra Chief Minister Devendra Fadnavis in India’s financial capital of Mumbai this week.
“Extremely elated to witness the signing of the MoU,” Fadnavis wrote on Twitter.
The investment, expected to create 50,000 jobs, is to take place over five years for the manufacturing facility.
The investment is one of the single biggest commitments to under Prime Minister Narendra Modi’s “Make in India” campaign.
fii-news.com.
