Taiwan-based Foxconn, the world’s largest contract manufacturer of electronics, has signed an MoU with the state government of Maharashtra, to set up its manufacturing facility in the state. The company will invest $5 Billion in the next five years. This is the biggest single foreign direct investment (FDI) deal after the BJP-led governments took over the reins in Centre as well as state after the 2014 elections. This deal would also bring in direct jobs for half a lakh people.
Foxconn makes devices for Apple, Huawei, Xiaomi, Black Berry and Motorola. Foxconn Technology Group chairman and CEO Terry Gou announced that the company was bringing the entire supply chain to India and not looking just at assembling in India. The facilities will be located either near Mumbai or Pune, and 1,500 acres will be allocated for this purpose.
The state government recently roped in General Motors which announced investment of Rs. 6400 crores in Maharashtra on July 30, 2015.
Test Your Knowledge
Who is the current Governor of Maharashtra?
