Foxconn says no ‘new’ investment, Tamil Nadu calls it first official announcement

CHENNAI: After the Chief Minister announced Foxconn’s Rs 15,000 crore investment in Tamil Nadu, expected to create 14,000 jobs, the Taiwanese electronics giant on Tuesday clarified that the investment is not “new,” while the state said this marks the first official announcement of the project.

Foxconn, in a statement on Tuesday, said, "Newly appointed India Representative, Robert Wu, had an exchange with Tamil Nadu Chief Minister's Office and his team. During the meeting, no new investments were discussed."

However, sources in the Industries Department told the TNIE that the investment was indeed part of the discussions.

“We certainly discussed the Rs 15,000 crore investment in the meeting. Foxconn may not see it as a ‘new’ investment, but this is the first time we are announcing it,” an official said.

Sources also added that the media statement delivered on Monday was cleared and approved by Foxconn.

In October 2024, the state cabinet had cleared a Rs 13,180 crore proposal from Yuzhan Technology, part of the Foxconn Group, to manufacture mobile phones in Kancheepuram.

The company has acquired 500,000 sq ft at ESR Oragadam Industrial and Logistics Park for the project. Officials did not confirm whether this was the investment being referred to in Monday’s announcement.

During the meeting, it was agreed that Guidance Tamil Nadu, the state’s investment promotion agency, would host the first dedicated “Foxconn Desk” in India to fast-track project facilitation and execution — a point the company did not deny in its statement.

Welcoming the investment in a post on X, the Chief Minister said the state would extend full support through facilitation mechanisms and talent development programmes.

“This is the Dravidian Model in action. Thank you, Hon Hai Foxconn, for choosing Tamil Nadu and shaping the future with us. This marks another milestone in our journey to make Tamil Nadu the manufacturing and innovation hub of South Asia,” he said.

Industries Minister Rajaa said Foxconn’s expansion would bring value-added manufacturing, R&D integration and AI-enabled advanced tech operations to the state.

“The first-ever Foxconn Desk in India will ensure seamless facilitation and mission-mode execution,” he said.

The story is reported by C Shivakumar for The New Indian Express