Maharashtra frets over lost project, but Foxconn plans never got off the ground in the state | Political Pulse News,The Indian Express
First deal was signed with Taiwanese firm for a mobile plant in 2015; BJP was in power in state and Centre, still it failed.
Wednesday, Sep 14, 2022
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HomePolitical PulseMaharashtra frets over lost project, but Foxconn plans never got off the ground in the state
Maharashtra frets over lost project, but Foxconn plans never got off the ground in the state
First deal was signed with Taiwanese firm for a mobile plant in 2015; BJP was in power in state and Centre, still it failed.
Written by Shubhangi Khapre
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Mumbai | Updated: September 14, 2022 5:59:06 pm
When the Fadnavis government lost power, the project failed to make a head start, finding it difficult to meet Foxconn's demands. (File)A POLITICAL slugfest has started in Maharashtra after Gujarat walked away with a mega Vedanta-Foxconn semiconductor project that Maharashtra was counting on.
However, the fact is that Foxconn has struggled to get its investments off the ground in Maharashtra.
On August 8, 2015, the then BJP-Shiv Sena government headed by Devendra Fadnavis had first announced plans by Taiwanese electronics manufacturing giant Foxconn to invest in Maharashtra. This investment was to be of the scale of $2 billion, and an MoU was inked between the Fadnavis government and Foxconn Chairman Terry Gou for setting up a mobile production facility in Navi Mumbai, followed by a major plant at Talegaon.
The investment was later scaled up to $5 billion (Rs 35,000 crore), making it one of the biggest foreign direct investments in Maharashtra, with employment generation capacity of 50,000.
However, between then and 2019, when the Fadnavis government lost power, the project failed to make a head start, finding it difficult to meet Foxconn’s demands. These included more land at the Jawaharlal Nehru Port Trust, and matching of manufacturing costs with China.
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