Foxconn Subsidiary Denies Signing Agreement to Invest 16 Billion Rupees in Tamil Nadu
A subsidiary of the tech giant Foxconn has denied any involvement in a reported investment deal with Tamil Nadu. China’s Securities Times reported that Foxconn Industrial Internet (FII) has stated it did not sign any agreement to invest 16 billion rupees in the southern Indian state.
The government of Tamil Nadu had earlier announced on Monday that it had signed a deal with Foxconn to establish a new electronic components manufacturing facility. The facility, which is expected to create around 6,000 jobs, is planned to be built in the Kancheepuram district near Chennai.
Despite the government’s announcement, Foxconn has not officially confirmed the investment or the manufacturing facility. Details are not yet public, and the company has not yet responded to the recent report from China’s Securities Times.
It’s worth noting that this is not the first time such rumors have emerged. In July, Foxconn had issued a statement refuting similar reports surrounding an investment deal with Tamil Nadu. The company has consistently denied any involvement in such agreements.
The reported investment deal has been met with anticipation and excitement, considering Tamil Nadu’s growing reputation as a promising tech and manufacturing hub. However, Foxconn’s denial raises questions about the veracity of the government’s announcement and the future of the alleged facility.
Industry experts and local stakeholders are closely following the developments, hoping for clarity on the situation. The potential investment from Foxconn could have significant implications for the state’s economy, job creation, and the overall growth of the electronic components manufacturing sector in Tamil Nadu.
As of now, it remains uncertain whether Foxconn will confirm or deny the reported investment deal. Stakeholders and the public eagerly await further updates from the tech giant, hoping for clarification on the state’s ambitious plans for the manufacturing facility.
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