Foxconn Project Progress Hinders: The much awaited investment of Foxconn in Maharashtra hindered as the tension between India and China at border continues. Back in August 2015, Taipei-based electronics giant Foxconn agreeing to invest in the state had generated much enthusiasm. This project has no further progress as a result of strained India-China relations.
State industries minister Subash Desai said, “There has been no progress on the issue of the investment by Foxconn in the state. There has been no communication from both sides on the matter.” Talking about the possible reason for the stalled communication, Desai also added that, “One of the reasons why the company may be abandoning its plan could be unhealthy relations between India and China.”
Foxconn Project Progress Hinders Investment in Maharashtra:
In May 2016, it was said to be scouting for land to set up its manufacturing plant. Desai said that Foxconn wanted a plot for the plant near the airport and that the government had suggested a few plots near Talegaon, Khopoli and Khalapur. “However, no progress has been made in this regard. We are a waiting for a reply from Foxconn,” he said. The company planned the project to make iPhones and other smartphones.
The Taiwan-based company had signed a memorandum of understanding (MoU) with the Devendra Fadnavis-led government in August 2015 and had offered an investment of $5 billion. Fadnavis had said earlier that Foxconn will create the direct employment of 50,000 people through the MoU.
The minister said petroleum refinery (proposed Rs 2 lakh crore), the metal industry (proposed Rs 10,000 crore), the electronic display panel industry (proposed rs 20,000 crore), chemical fertiliser (proposed Rs 4,000 crore), tyres (proposed Rs 8,000 crore), food processing industry (proposed Rs 1,000 crore) and textile industry (proposed Rs 1,000 crore) are not included in the IEM data.
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