Young Liu, chairman of Hon Hai Technology Group (Foxconn), met Prime Minister Narendra Modi on Tuesday to discuss Foxconn’s plans to increase semiconductor manufacturing in South Asian markets and to talk the potential of the Indian semiconductor market. They discussed a variety of topics aimed at improving India’s tech and innovation eco-system, according to a statement released by the Prime Minister’s Office on Wednesday.
Foxconn CEO and PM MOdi also discussed about India’s innovation eco-system development and the growing Indian semiconductor market
Foxconn, Apple’s largest supplier of iPhones and iPads, is betting big on the Indian semiconductor market, announcing a 1.54 trillion investment plan with mining company Vedanta via a 40:60 joint venture to build a display fabrication unit, an integrated semiconductor fabrication unit, and an outsourced semiconductor assembly and test (OSAT) facility in Gujarat.
“Chairman Young Liu is visiting India. Today we had a warm meeting with Honourable Prime Minister @narendramodi and updated him on our good progress in the country. Foxconn will continue to build an ecosystem in India allowing all our stakeholders to share, collaborate and thrive,” the Foxconn group had tweeted on Tuesday.
The venture also intends to take advantage of the government’s 76,000 crore financial incentive scheme designed to encourage the growth of Indian semiconductor market. On January 12, we had heards reports that the proposal by the Vedanta-Foxconn joint venture in Gujarat was likely to be the first to receive government approval.
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