Taiwanese contract manufacturing giant Foxconn has said that it hasn't "entered into any binding, definitive agreements" for new India investment during its chairman's recent trip, reported news agency AFP.
"Foxconn has not entered into binding, definitive agreements for new investments during this trip," the statement said.
The tech giant, which is a major assembler of Apple iPhones, denied the sums discussed in the media. Bloomberg reported that Foxconn is planning to invest $700 million on a new plant in Karnataka for building iPhone parts.
"Negotiations and internal review are ongoing. Financial investment sums discussed in media are not information being released by Foxconn."
Karnataka chief minister Basavaraj Bommai had said that the government signed an agreement with Foxconn for a major investment in the state.
"Agreement signed with Foxconn, leading electronics major, to make major investment in state after a detailed discussion with co’s C’man Young Liu. It will expected to create 1 lakh jobs. 300 acres of land near Bengaluru Int. airport allocated," Karnataka chief minister Basavaraj Bommai had tweeted.
The Telangana government had also announced signing of an agreement with Foxconn for investments in the state.
"Super stoked to announce a mega investment by @HonHai_Foxconn in Telangana that will create employment for a whopping One Lakh youngsters in Telangana," Telangana IT minister KT Rama Rao had tweeted.
Foxconn chairman, Young Liu, visited India from February 27 to March 4. In his official statement he said that the visit was to seek cooperation in new areas like semiconductors and EVs.
“My trip this week supported Foxconn’s efforts to deepen partnerships, meet old friends and make new ones, and seek cooperation in new areas such as semiconductor development and electric vehicles,” Liu said. “Foxconn will continue to communicate with local governments to seek the most beneficial development opportunities for the company and all stakeholders.”
Foxconn, along with other Apple contract manufacturers Wistron and Pegatron, are ramping up focus on India in the wake of China's zero-COVID policy and other harsh measures. The shift if coming as global corporations are in the process of shifting supply chains away from China in order to insulate from any possible future shock.
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