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Foxconn committed to setting up facility in Maharashtra: CM Devendra Fadnavis

It has been over 18 months after the company first signed an agreement to invest $5 billion in the state

By: Express News Service | Mumbai | Published: February 15, 2017 2:58:12 am
Maharashtra Chief Minister Devendra Fadnavis. Maharashtra Chief Minister Devendra Fadnavis.

Maharashtra Chief Minister Devendra Fadnavis held a meeting on Tuesday with the officials of Foxconn — the Taiwanese electronic equipment manufacturer. The CM claimed that the company was committed to setting up a facility in the state.

It has been over 18 months since the company first signed an agreement to invest $5 billion in the state, in what was then touted as the largest FDI project in the country. “Foxconn reiterated their plans to set up production facility here and investment committed in MoU, said Maharashtra is the most favoured destination,” Fadnavis tweeted after meeting a delegation of Foxconn officials led by the Simon CP Hsing, the spokesperson for the company.

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The company is now scouting for locations in Pune and Konkan for its plant, which will manufacture components for mobile phones. The state government, through MIDC, will help in procurement of land. However, there has not been much headway on identification of a potential location, fuelling speculation on whether the company would go ahead with its plans. The chief minister said the meeting was in continuation of the ongoing process of dialogue with the company. Foxconn has a revenue of close to $134 billion and caters to leading companies as a contract electronics manufacturer.

The company is also set to gain with the launch of the tenth anniversary iPhone, which is expected to further shore up its bottomline allowing it more leverage to expand its global operations.

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