Liu’s visit comes a day after ET reported that Apple’s contract phone maker was looking at manufacturing electric vehicles in India as part of a larger diversification plan to expand its Asian production supply chain beyond China.
“I welcome their (Foxconn) plans to expand electronics production capacity in India, including in semiconductors. Our push to make electric cars is in line with our commitment to Net Zero Emission,” Prime Minister Modi said in a Twitter post on the 23rd. June.
Glad to meet Mr. Young Liu, Chairman, Foxconn. I welcome their plans to expand electronics production capacity … https://t.co/yY3BUp26k5
– Narendra Modi (@narendramodi) 1655981015000
In addition to meeting the Prime Minister, Liu also met the Minister of Electronics and Information Technology, Ashwini Vaishnaw, and the Minister of Electronics and Information Technology Rajeev Chandrasekhar.
“He (Liu) expressed great interest in electronics manufacturing, semiconductors and electric cars in India,” Vaishnaw said in a tweet.
Foxconn chairman also called on Vedanta Group’s global CEO for Display & Semiconductor Business, Akarsh Hebbar, to discuss the next steps for their proposed partnership to manufacture semiconductor chips in India, the company said in a statement.
The two companies had signed an MOU in February to form a joint venture in India, where Vedanta will own 60% of the equity, while Foxconn will own 40%. “This is the first joint venture in electronics manufacturing following the announcement of GOI’s PLI form for semiconductors and screen manufacturing, “said the companies. “Vedanta plans to invest around $ 15 billion in a phased manner over the next 5-10 years to build monitors and semiconductor chips in India. JV will look at establishing a semiconductor fabrication in the next two years.”
The statement added that Vedanta and Foxconn are in discussions with some state governments to soon complete the placement of the semiconductor device. The partnership aims to stop the electronic component import bill of about $ 100 billion in the coming years.