Foxconn Cancels $5 billion Indian Plant Investment Because Of Disputes With Apple


Foxconn

Today, some Indian media reported that Maharashtra Minister of Industry, Subhash Desai announced he will cooperate with Foxconn to establish electronics locally. What’s more interesting, their plans for the product manufacturing plant have been canceled.

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Desai said that as the world’s largest consumer electronics foundry, Foxconn has decided not to invest $5 billion in India. It should be done in accordance with a memorandum of understanding (MoU) signed with the government in 2015. He said that since there are some internal disputes in Foxconn and Apple, they will not continue this cooperation.

Back in 2018, the company executives reiterated their intention to invest in the state. He ensured the creation of 50,000 jobs by 2020, as per the terms of the MoU. ‘We will fulfill our commitment that we made back in 2015, and we are committed to the state,’ said Simon Hsing, the official spokesman of Taiwan-based Foxconn.

Foxconn

He also added, ‘Foxconn’s investment commitments were not fulfilled and will not be fulfilled in the future. They have requisitioned land near Navi Mumbai to build the initial facilities. However, there appear to be a number of factors that have led them to leave Maharashtra.’

Desai also pointed out that the memorandum of understanding signed with Foxconn has no loopholes. And the government has made every effort to ensure that the agreement is implemented.

‘The current global economic situation, the outstanding performance of competitors, and internal differences with Apple have prevented Foxconn from making a good start. We tried everything to ensure that this memorandum of understanding was implemented, but everything was in vain.’

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