Taiwan Foxconn, the world’s leading electronics manufacturing company, is planning to set up a battery energy storage system plant in India. Foxconn is expanding its battery manufacturing business with an eye on the electric vehicle (EV) segment. The company’s first plant has already been set up in Taiwan. Foxconn Chairman Young Liu said that Foxconn’s information and communication technology segment has just started in India.
The company’s chairman Young Liu is in touch with the Industry Minister
Young Liu said, “We are also looking forward to setting up our 3+3 future industries in India. I am here talking to the Industry Minister about how we can collaborate on BESS (battery energy storage system) in Tamil Nadu. Foxconn has prioritized three key industries – electric vehicles, digital health and robotics industry – as part of the 3+3 strategy. Each of these has significant growth potential with a current scale of $1.4 trillion and a cumulative annual growth rate (CAGR) of over 20 percent. ”
The company has done business worth $10 billion in India
Foxconn’s battery storage business is more focused on electric vehicles. BESS enables storage of energy produced from renewable sources such as solar, wind. The company has proposed to set up an EV plant in India. When asked about the status of EV production, Liu said that it will start very soon. Liu said that Foxconn has done a business of $ 10 billion in India so far. Also, the company is planning more investment in the coming year.
Liu has met the Chief Ministers of many states
Padma Bhushan awardee Liu said that during his current visit he met Chief Ministers of different states and felt that India is on the path of progress. Liu said, “Till last year we have done a business of 10 billion dollars. We will do a lot more in the coming year.”
With PTI inputs
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