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Foxconn Industrial Internet, a China-based subsidiary of Taiwanese electronics manufacturer Foxconn Technology Group, has announced plans to invest $200m (1.43bn yuan) to open a new plant for components manufacturing in Tamil Nadu, India. The new plant is expected to open in 2024. It is estimated that the investment could create up to 6,000 jobs.

India’s Industries Minister TRB Rajaa said in a statement: “Foxconn’s repeated investments and expansion plans in Tamil Nadu are a testament to the state being a top choice for manufacturing in India for major companies across the world. This is a major achievement for the state.”

Tamil Nadu announced a series of investments earlier in 2023, including projects by Malaysia’s state-owned oil and gas company Petronas, Switzerland-based woodwork manufacturer XyloNetics and US-based manufacturer of construction equipment Caterpillar. Hyundai also announced a $2.4bn (3.09trn won) Chennai electric vehicle assembly plant in May.

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By GlobalData