Foxconn To Boost ‘Make In India’, Announces Investment $ 5 Billion In Maharashtra

“The investment will not only generate 50,000 jobs which is scalable, it will create a positive climate for investment”, he said.

According to the report, Gou was in India for a three-day visit and made a two and a half hour presentation on Monday night after a dinner meeting with Indian Prime Minister Narendra Modi. The company-known officially as Hon Hai Precision Industry Co.-makes products including Apple Inc. iPhones, Xiaomi Corp. smartphones and Samsung Electronics Co. tablets.

Foxconn Chairman Terry Gou (郭台銘) was quoted as saying at a press conference in New Delhi that India offers “good investment opportunities” for a 5-10 year horizon for Foxconn, which sees India as a manufacturing, expansion and export base. Early this week, General Motors had announced their decision to invest $1 billion.

Gou said that the company was looking for local partners for the new facility.

Last month, the company had announced to pump in Dollars 20 billion in the solar sector, along with Japan’s SoftBank and Bharti Enterprises. Foxconn is also in talks with India’s Adani Group to form a joint venture.

Gou said the facility in Maharashtra will focus on research and development as well as manufacturing, declining, however, to say if the unit would make mobile phones.

The second set of facilities could be placed together or in close vicinity of each other, the official said, adding that the state has earmarked land at Khalapur and on Pen-Khopoli Road (both on Mumbai’s outskirts) for this.

He also said Maharashtra would be a key partner in setting up a hi-tech arena in the country.

Additonally, the company has entered a tie-up with Bollywood filmmaker Subhash Ghai’s Whistling Woods global with a grant for a media lab at its campus in Goregaon East.