India’s southern Karnataka state is in serious talks with Taiwan’s Foxconn over investment plans, Chief Minister Basavaraj Bommai said on Wednesday, potentially setting it up as the Indian third state to host Foxconn.
“We are in serious discussion of investment plans with Hon Hai Technology Group (Foxconn) at their Taiwan HQ & look forward to a fruitful collaboration,” Bommai said in a tweet. “We remain committed to welcome the best companies to the state & reap rewards for our people.”
The state’s investment promotion arm also tweeted that representatives held a meeting at the company’s Taiwan headquarters to discuss the investment, without providing further details.
Foxconn’s spokesman James Wu, Chief Investment Officer James Tu, and some more executives were present on the occasion, an official release said.
Foxconn is said to be the world’s largest electronics manufacturer. As of last year, it ranks 20th in the Fortune Global 500.
Foxconn has 173 campuses and offices in 24 countries or regions around the world.
The primary product segments for the company include smart consumer electronics (smartphones, TVs, game consoles, among others), cloud and networking products (servers, communication networks), computing products (computers, tablets) and components and others (connectors, mechanical parts, services).
“With a strong and stable industrial policy, our aim is to make Karnataka a key electronics and manufacturing hub. With Foxconn’s potential investment, the State is gearing up to be the topmost in the country to attract many other global electronics companies,” said Large and Medium Industries Minister Murugesh Nirani.
Gunjan Krishna said the government would like to extend full support to Foxconn and is thrilled to see Karnataka being considered as a potential investment destination.