TAIPEI (Taiwan News) – Taiwan electronics giant Foxconn (鴻海) and Maharashtra state government are likely to finally sign the deal for a manufacturing hub to be built in the west Indian state next month, according to media reports.
It is believed that Foxconn executives met with Maharashtra government officials on July 4 and a formal agreement may be signed next month, when Foxconn CEO Terry Gou (郭台銘) is set to visit India, reported Economic Times.
The deal is a long time coming, after a memorandum of understanding (MOU) for the new factory signed by the two parties in 2015 and Foxconn said it will invest US$5 billion (152.82 billion) in the Maharashtra hub.
The factory will produce components for iPhones, Xiaomi and Nokia products, employing around 50,000 people.
When the MOU was signed, it was the largest proposal for foreign investment in western India.
Foxconn has already bid for 45 acres of land in the special economic zone of the Jawaharlal Nehru Port Trust, and the company plans to purchase an additional 200 acres according to Economic Times.
"We have met with officials from Foxconn Chairman Terry Gou's office. If things fall into place, then in August we may even have a ground-breaking ceremony," a state government official told Economic Times.
Foxconn has a factory for mobile phones in the state of Andhra Pradesh and another for television panels near Chennai in southern India.