In a major development, Taiwan's Foxconn signed a letter of intent (LoI) with the Tamil Nadu government on Monday to establish a new mobile component manufacturing facility for Rs 1,600 crore in Kancheepuram with the potential to generate 6,000 jobs.
On his Twitter handle, Chief Minister M K Stalin said the LoI was signed, in his presence, between the state government and Foxconn Group represented by its chairman Young Liu.
According to him, the new deal has the potential to provide job opportunities to at least 6,000 people.
"We also discussed further investments in EV and electronic components. Another milestone in our ambition to make TN the new emerging electronics manufacturing hub of Asia!" he wrote on a social media platform.
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