The announcement, also the biggest since the launch of the Modi government's 'Make in India' and 'Digital India' initiatives, means the country can finally boast of a fab manufacturing plant after struggling to get multi-billion dollar investment needed to make chipsets.
The Memorandum of Understanding signed between the world's largest electronics contract manufacturer Foxconn and the Fadnavis government on Saturday would bring in a whopping $5-billion investment over next five years to the state. The deal, the biggest single foreign direct investment (FDI) after the BJP-led governments took over the reins in Centre as well as state after the 2014 elections, would also bring in direct jobs for half a lakh people.
The agreement with Foxconn, the trade name of Taiwanese giant Hon Hai Precision Industry Co, covers manufacturing of 'TFT screens and semiconductors'. The facilities will be located either near Mumbai or Pune, and 1,500 acres will be allocated for this purpose, Chief Minister Devendra Fadnavis told reporters. The state government recently roped in General Motors which announced investment of Rs. 6400 crores in Maharashtra on July 30, 2015.
The announcement, also the biggest since the launch of the Modi government's 'Make in India' and 'Digital India' initiatives, means the country can finally boast of a fab manufacturing plant after struggling to get multi-billion dollar investment needed to make chipsets.
Maharashtra Industry secretary Apurva Chandra and chief financial officer for Foxconn David Huang signed the MoU in the presence of Chief Minister Devendra Fadnavis and Foxconn founder Terry Gou.
Terry said that Maharashtra has quality manpower, coupled with software and hardware integration facilities. He said his company would be creating production facilities as well as research and development along with innovation centre.
"I have personally met Fadnavis seven times in the last two months," Terry said, identifying strong leadership, along with Maharashtra's other strengths like being a centre of finance, strong talent pool and an ability to integrate software and hardware, as factors that clinched the mega pact.
Fadnavis said he visited Foxconn's manufacturing facilities during his recent China trip and invited the company to invest in the state, which has fructified with Saturday's announcement.
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