Foxconn says no 'definitive agreements' for new India investment

 

TAIPEI: Taiwanese tech giant Foxconn confirmed on Saturday that its chairman had visited India, but denied it had "entered into any binding, definitive agreements" after reports saying it was planning new investments in the country.
Also known by its official name, Hon Hai Precision Industry, Foxconn is the world's biggest contract electronics manufacturer and a principal assembler of Apple iPhones.
Both companies are seeking to diversify away from China, where much of their manufacturing is based, after strict Covid policies last year and ongoing diplomatic tensions with the United States hurt production.
Foxconn said in a statement on Saturday that no deals had been finalised during chairman and CEO Young Liu's visit to India from February 27 to March 4.

"Foxconn has not entered into binding, definitive agreements for new investments during this trip," the statement said.
"Negotiations and internal review are ongoing. Financial investment sums discussed in media are not information being released by Foxconn."
The statement comes after Karnataka chief minister Basavaraj S Bommai, tweeted on Friday that Apple would "soon" manufacture iPhones at a new plant in the state, creating "about 100,000 jobs".
Bloomberg News reported Foxconn was planning to invest $700 million in a new factory in Karnataka, citing unnamed sources.
The office of the chief minister of neighbouring Telangana state, Chandrashekar Rao, also tweeted that Liu had signed an agreement on Thursday to "set up electronics manufacturing facilities".
Foxconn said employment figures currently being reported "do not equate to direct jobs" with the company.
"My trip this week supported Foxconn's efforts to deepen partnerships... and seek cooperation in new areas such as semiconductor development and electric vehicles," Liu said in the statement.
He also met earlier this week with Prime Minister Narendra Modi, who tweeted on Wednesday that the pair's "discussions covered various topics aimed at enhancing India's tech and innovation eco-system".
Foxconn has manufactured Apple handsets in India since 2019 at its plant in the southern state of Tamil Nadu.
Two other Taiwanese suppliers, Wistron and Pegatron, also manufacture and assemble Apple devices in India.
Apple said last September it would manufacture its latest iPhone 14 in India, just weeks after launching the flagship model.
But the country accounts for less than five percent of Apple's global production, according to Bloomberg, lagging behind the United States, China, Japan and five other countries.
Apple's expanding manufacturing in India is a boost to PM Modi's 'Make in India' strategy, under which he has urged foreign businesses to manufacture goods in the South Asian nation.

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BJP wins northeastern states but by-poll results indicate major challenges for saffron party ahead of crucial 2024 polls

 

Mar 04, 2023, 01:26PM ISTSource: TOI.in

BJP workers, celebrating the party’s performance in the Assembly elections in the three northeastern states. The party managed to retain its government in Tripura, and in Nagaland and Meghalaya, it stays on as junior partner in the respective ruling coalitions. But there are challenges too that can’t be wished away. In Tripura, the BJP lost seats as well as vote share, and it has found a new challenger in the form of Tipra Motha which has emerged as the voice e of the tribal population. In Meghalaya too, although the BJP ran a high profile campaign with PM Modi’s road shows and rallies, the party’s tally remained at 2, same as in the current assembly. In Nagaland too, the BJP just managed to retain its strength of 12 in the 60-member House. But the bigger setbacks for the BJP were in the bypoll results. In Maharashtra, where any fight between the ruling NDA and the Opposition MVA alliance is seen as the fight between the two Sena factions, BJP lost its bastion of Kasba to the Congress candidate. This loss has implications not just for the BJP but also the Shinde faction of Shiv Sena, because while the Shinde may have won the battle for Sena’s symbol and name, the fight for the cadre is still on. Similarly, in West Bengal’s Sagardighi seat, the BJP was relegated to the third place behind the Congress and Trinamool Congress. Now, Both West Bengal and Maharashtra will be crucial for BJP in the 2024 Lok Sabha polls, and the bypoll results do reveal chinks in the party’s armour. Similarly, Karnataka Assembly elections will be the next battleground and here too, the party faces a tough challenge.

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