Maharashtra Government inks MoU with Foxconn

Maharashtra government has signed a Memorandum of Understanding (MoU) with the Tiawan-based Foxconn to set up its manufacturing facility in the state.

The MoU was signed in presence of Chief Minister Devendra Fadnavis and Foxconn Chairman Terry Gou in Mumbai, Maharashtra.

As per MoU

  • Foxconn will invest 5 billion US dollars over the next five years in Maharashtra.
  • State will provide the company 1500 acres of land for setting up its plant in the state.
  • Foxconn’s facility in Maharashtra will focus on research and development (R&D) as well as manufacturing.
  • It will create direct employment of 50,000 people in the state.

The company has chosen the Maharashtra as its centre keeping in view it as a financial centre, availability of quality talent and software-hardware integration facilities.

About Foxconn

  • Foxconn world’s largest contract manufacturer of electronics and makes devices for Apple, Xiaomi, Huawei,  Black Berry and Motorola.

Singing MoU with Foxconn is second achievement of Maharashtra Government led by CM Fadnavis in the month of June 2015. Earlier in this month state government had reached an agreement General Motors which had proposed to invest 6,400 crore rupees in state for expansion of its manufacturing facility in Pune district.

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Categories: Business & Economy Current Affairs 2017States Current Affairs - 2017

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