Foxconn Industrial Internet (FII), a subsidiary of Foxconn, denied certain media reports that claimed the company had inked an agreement with the Tamil Nadu Government to build a manufacturing facility via a Rs 1,600-crore investment.

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The Foxconn Group, on the other hand, as CNBC-TV18 reported, has invested Rs 1,600 crore. However, this investment is through another subsidiary, the Hon Hai Technology Group, which the Office of Tamil Nadu's Industries Minister TRB Rajaa made clear at the time of the announcement itself.

"M/S Hon Hai Technology Group signed a letter of intent... to set up a new mobile components manufacturing facility at a cost of Rs 1,600 crore in Kanchipuram," said a statement from the minister's office. "The project has the potential to generate 6,000 jobs.

Earlier, a section of the media, including the online version of a prominent business daily, reported that FII was investing $194.4 million (approximately Rs 1,600 crore) towards building an electronics manufacturing facility in Kanchipuram, near Chennai. The company has since denied these claims.

These claims probably stemmed from the reports that claimed the Tamil Nadu government was also engaged in talks with FII surrounding investments in the state. However, CNBC-TV18 has learned that these discussions have not yet resulted in an investment decision.

Speaking to journalists on Monday, Foxconn Group chairman Young Liu confirmed that the Foxconn-Tamil Nadu partnership was set for an extended run.

"Chennai is the biggest site for Foxconn in India — we have many developments in our production sites and six or seven buildings under construction," said Liu. "I'm happy to see it's going well, we've got a lot of support from the government. We can do more in the future."

First Published:Aug 1, 2023 10:17 AM IST