Foxconn arm Yuzhan Technology invests to set up factory in Tamil Nadu

By Staff Report October 9, 2024 12:57 pm IST

Thirteen 13 others investments were approved by the Cabinet and Foxconn’s was the single largest investment among the lot.

The Tamil Nadu Cabinet approved an investment of Rs 13,180 crore from Yuzhan Technology (India), a unit of the Taiwanese contract manufacturer Foxconn. This investment is projected to create 14,000 jobs. Economic Times had reported as per the sources that Foxconn had secured 500,000 square feet at the ESR Oragadam Industrial & Logistics Park, located next to its smartphone assembly plant near Chennai. They mentioned that this facility might follow a model where other contract manufacturers, like Pegatron or Tata Electronics, can also use components from the unit, reducing reliance on modules assembled in China.

Foxconn’s investment was the largest among 13 projects approved by the Cabinet on Tuesday, with the total investment from the 14 projects amounting to Rs 38,698.80 crore. This was the first cabinet meeting since Udhayanidhi Stalin’s appointment as deputy Chief Minister of Tamil Nadu.

The meeting, chaired by Chief Minister M K Stalin, greenlit investments anticipated to generate over 46,931 jobs in the state. Finance Minister Thangam Thennarasu outlined that the approved projects span several sectors, including the production of PCB, mobile phone components, low-tension panels, luxury cars, defense equipment, renewable energy, medical devices, and e-vehicles.