Tamil Nadu Greenlights Foxconn's Rs 13,180-Crore Display Module Assembly Plant

The Tamil Nadu cabinet has approved a significant investment of Rs 13,180 crore by Yuzhan Technology (India), a subsidiary of Foxconn. This investment is anticipated to create 14,000 jobs.

On September 25, it was reported that Foxconn was considering a $1 billion investment to establish a smartphone display module assembly unit in Tamil Nadu, marking the first such facility for Apple.

Foxconn has secured approximately 500,000 square feet at the ESR Oragadam Industrial & Logistics Park near Chennai. This site is adjacent to their existing smartphone assembly unit. The plan involves a model where other contract manufacturers like Pegatron or Tata Electronics can utilise components from this unit instead of importing modules assembled in China, according to a report in the Economic Times.

The cabinet meeting, led by Chief Minister M K Stalin, approved Foxconn's investment as part of 14 projects totalling Rs 38,698.80 crore. The investments are expected to generate employment for 46,931 individuals across various sectors in the state.

State finance minister Thangam Thennarasu highlighted that the investments will cover production areas such as PCB, low tension panels, mobile phone components and cases. Additionally, they will focus on luxury car manufacturing and spares, high-end equipment and software, defence equipment, medical equipment, non-leather footwear, renewable energy production including green hydrogen and ammonia, e-vehicles and telecommunication R&D.

Among the approved investments is Tata Motors' Rs 9,000 crore project in Ranipet for Jaguar Land Rover vehicle manufacturing. Leap Green Energy Pvt Ltd plans to invest Rs 10,375 crore in Thoothukudi, Virudhunagar, Tirunelveli and Ramanathapuram. Freetrend Industrial India will invest Rs 1,000 crore in Ariyalur while Kaynes Circuits India plans a Rs 1,395 crore investment in Kancheepuram.

Lucas TVS is set to invest Rs 510 crore across Chennai, Chengalpattu, Kancheepuram and Krishnagiri. Ascent Circuits will contribute Rs 613.6 crore in Krishnagiri among several others. These diverse investments highlight Tamil Nadu's commitment to fostering industrial growth and job creation across multiple sectors.

The recent approvals by the Tamil Nadu cabinet underscore the state's strategic focus on attracting substantial investments across various industries. These initiatives are poised to bolster economic development while creating numerous employment opportunities for its residents.