In July this year, an agreement was signed between Foxconn and Vedanta Group, under which the two companies will invest more than Rs 2 lakh crore together in Maharashtra. This will create 2 lakh jobs in India.
Foxconn to expand its semiconductor business in India (Indicative Photo-Pixlr)
An important news has come to the fore amidst the ever-increasing disputes in China and Taiwan. This news is from Taiwanese company Foxconn. Foxconn now wants to increase its investment in India. Already the business of this company is going on in India, but it is likely to grow further, especially semiconductor in the field of. Foxconn chairman Young Liu has indicated this. Foxconn wants to expand its footprint in India, says Liu. The company believes that the industrial environment in India is witnessing rapid improvement and there is also an increase in government capacity. Therefore Foxconn will increase its business in India in future.
There has been a war situation between China and Taiwan and China’s relations with India are also sour. At such a time, the news related to Foxconn becomes important. Foxconn is a big name in the world markets. Taiwan is today the largest contract manufacturer in the world. That is, the products are supplied all over the world by working on the contracts of companies. Recently, Liu said in an event that India is going to play an important role in the future. He said, our work in India is in ‘positive direction’ which will be even better in future.
semiconductor manufacturing company
In July this year, an agreement was signed between Foxconn and Vedanta Group, under which both the companies will invest more than Rs 2 lakh crore in Maharashtra together. Vedanta Group and Foxconn will work in the Sunrise Semiconductor chip and fabrication sector in Pune. Earlier this year, Vedanta Group signed another deal with Foxconn under which it will invest $15 billion in manufacturing semiconductor chips and displays in India over the next 10 years.
With the launch of this big project of Foxconn and Vedanta, 200,000 jobs will be created in India. Semiconductor manufacturing will bring GST of 1.25 lakh crore, of which 37,500 crore will be registered in State GST and Rs 88,079 crore will be registered in Inter State GST.
Business already running in India
Foxconn already operates in India and has three plants operating in two different states. Apple, Xiaomi and other companies manufacture electronic goods in plants operating in Tamil Nadu and Andhra Pradesh. According to a report in the Economic Times, since the situation of war between China and Taiwan, Taiwanese companies have raised their ears.
Apart from Foxconn, many other companies which previously worked in China are now preparing to move to those countries where there is peace and no war situations. In this sense, India seems to be the safest destination for such companies. Experts believe that when only a big company like Foxconn is preparing to leave China and stay in India, then the condition of other small companies can be known.