Foxconn to invest $1.5 bn in TN unit

Kolkata: Taiwan-based Foxconn Electronics — a Foxconn Technology Group company — which produces mobile phones for clients such as Nokia and Motorola, is planning to invest $1.5 billion over the next three years to set up a manufacturing unit in Tamil Nadu.

The facility will produce mobile phone accessories, connectors and computer hardware, said Thomas Chang, director, Taipei World Trade Centre Liaison Office in India at an interactive meet organised by the Indian Chamber of Commerce (ICC).

Nokia is among the major clients of Foxconn, Chang added. Trade between India and Taiwan grew 65 per cent to $4 billion, from October 2006 to September 2007, said Sanjay Budhia, senior vice-president, ICC. Taiwanese FDI in India was $500 million so far, said Chang.

While 30 per cent of the Taiwanese companies operating in India were joint venture tie-ups with Indian partners, the remaining were Indian subsidiaries of Taiwanese companies. Foxconn would operate through its wholly owned Indian subsidiary, said Chang.

Taiwan is keen on increasing its business relationships with India, said Chang. Taiwan external trade development council will focus on the Indian market, he added.