According to Hon Hai Chairman Young Liu, the company is in the early stages of expanding further in the country, where it takes in around $10 billion of revenue annually
As per the proposal from Foxconn Industrial Internet, the investment would require 100 acres of land and generate 14,000 jobs
With this the government has reportedly expedited the establishment process of the INR 13,600 crore project, which is expected to create 50,000 jobs
As per available reports, the government is likely to tell the venture between Agarwal's Vedanta Resources Ltd. and Taiwan's Hon Hai Precision Industry Co. it won't get incentives to make 28-nanometer chips
According to the state's IT minister, the investment will create 25,000 jobs in the first phase
Also known by its official name, Hon Hai Precision Industry, Foxconn is reportedly the world's biggest contract electronics manufacturer and a principal assembler of Apple iPhones
The Vedanta-Foxconn consortium is one of the five applicants seeking government incentives under a $10-billion package announced in December 2021 to promote domestic semiconductor manufacturing
The tech giant is also looking to avoid a hit to its business due to tensions between Beijing and Washington, as per the report
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The Taiwan-based firm's new Wisconsin manufacturing facility will initially create 3,000 jobs.
'I'm not going to sugar-coat the challenges. But I have a clear roadmap in my heart,' the Foxconn chief said of the acquisition.
Foxconn cut its initial offer by nearly $900 million following the emergence of previously undisclosed liabilities at Sharp.