Foxconn Plans $5 Billion Investment Over 5 Years in Maharashtra Facility

Terry Gou, founder and chairman of Taiwan’s Foxconn Technology, gestures during a news conference in New Delhi. (Reuters)

Mumbai: Taiwan’s Foxconn, the trade name for Hon Hai Precision Industry Co Ltd, on Saturday signed a pact with Maharashtra to invest $5 billion over five years on a new electronic manufacturing facility.

The announcement was made by Foxconn founder Terry Gou and Maharashtra Chief Minister Devendra Fadnavis after the signing of an accord between the two in the state capital, Mumbai.

Mr Gou said the company, the world’s largest contract maker of electronic products and counts Apple, Blackberry, Xiaomi and Amazon among clients, was looking for local partners for the planned facility in the western state.

On Tuesday, Gou said in New Delhi he was looking at setting up manufacturing units in various Indian states and possible partnerships in the world’s fastest growing smartphone market.

© Thomson Reuters 2015