Taiwanese major Foxconn seeks 13-acre land at JNPT SEZ
The Dollar Business Bureau Taiwanese electronics major Foxconn Technology Group has sought 13-acre land in the special economic zone (SEZ) at Jawaharlal Nehru Port Trust (JNPT), Road Transport and Highways and Shipping Minister Nitin Gadkari said on Tuesday. Foxconn - a contract manufacturer – makes electronic devices for some popular global brands such as Apple, Amazon, BlackBerry, Motorola, Sony, and Xiaomi and has majority of its factories based in China. “Foxconn has sought a land parcel of 13 acres in special economic zone in JNPT and I have spoken to Maharashtra Chief Minister about the project,” Gadkari told journalists in New Delhi. However, the Minister added that the project details are not available immediately. Headquartered in New Taipei City of Taiwan, Foxconn Technology Group is one ...
Foxconn Chief discusses export incentivisation with Commerce Min
The Dollar Business Bureau Foxconn Country Head and MD Josh Foulger paid a courtesy visit to Commerce Minister Nirmala Sitaraman on March 21, 2017. Among other things, the two leaders discussed export incentives for mobile phones. The manufacturing contractor for some of the biggest global brands like Apple expressed concerns over increased costs due to 2% import duty imposed on printed circuit boards. As a result, the domestic industry has suffered from uncompetitive prices in the manufacturing of feature phones and related accessories Foulger said. The industry had demanded a slew of measures for export incentivisation earlier in anticipation of the budget. The increase of credit under Merchandise Exports from India Scheme (MEIS) from the current 2% rate to 5% was one of the most voiced out wishes. Under MEIS, exporters are credited in ...
Tech firms SoftBank, Foxconn come together for a joint venture
The Dollar Business Bureau Japanese multinational SoftBank Group Corp and Taiwanese electronics major Foxconn Technology Group, earlier Hon Hai Precision Industry Co Ltd, said on Friday that they would together launch a joint venture, strengthening ties between Asia's two biggest technology companies. This move will provide Foxconn 54.5% stake in one of SoftBank's existing subsidiaries for about $600 million. This comes as the two groups increase investments in the technology segment and considering expansion in the US. As per the arrangement of the joint venture, a subsidiary of Foxconn will invest nearly $600 million in lieu of a majority holding in SoftBank Group’s arm, Capital Apac Pte Ltd. This arrangement will effectively transform what had been a fully-owned subsidiary of Softbank into a joint venture, the companies revealed in a statement. Softbank and ...
Apple team to meet Govt officials on Jan 25
The Dollar Business Bureau Notwithstanding earlier claims that US President-elect Donald Trump had exhorted Apple to relocate its manufacturing plants in the United States, a team of Apple will meet later this month several senior officials from various ministries, including from Ministry of Commerce, Ministry of Finance, to discuss setting up a manufacturing unit in India. The US-based technology major issued a communication to the Indian government to ask for various tax-related and other incentives, as well as long-term duty exemptions, to set up its manufacturing facility in India. Officials from Department of Industrial Policy & Promotion (DIPP), Department of Electronics and Information Technology (DeITY), Revenue, Environment & Forest will also take part in the meeting on January 25. The commerce ministry had previously ...
Foxconn, Sharp Corp plan to build $8.8 bn LCD factory in China
The Dollar Business Bureau A joint venture between Taiwanese major Foxconn technology Group, also known as Hon Hai Precision Industry Co., and Sharp Corporations plans to establish a factory with an investment of $8.8 billion (61 billion yuan) in China to manufacture LCDs (liquid-crystal displays). The plant of Sakai Display Products Corporation will be a Gen-10.5 facility, which is specialised in manufacturing large-screen LCDs and will start operating by 2019, the company said on Friday in Guangzhou at a signing event with local officials. The facility will have the capacity equating to around 92 billion yuan per year, it added. The aim of the huge investment is to increase production in order to meet estimated rising demand in Asia for large-screen televisions and monitors. The global ...
The Apple story: China's loss, India's gain?
Deepak Kumar In November with Donald Trump getting elected as the President of US, Apple started rethinking its sourcing strategy. In his election campaigns Trump had promised his voters that he would bring back the jobs and manufacturing units that America had lost. He had been vocal about how US companies should be manufacturing in America. “We're going to get Apple to build their damn computers and things in this country instead of in other countries,” Trump had said during one of his speeches. According to the latest reports, published in various global newspapers Apple has asked two of its iPhone manufacturers, Foxconn Technology Group and Pegatron, to shift its iPhone manufacturing units to the US. While Foxconn complied, Pegatron has declined ...
Xiaomi plans to ramp up production at Chennai plant
The Dollar Business Bureau Having received an encouraging response for its phones, Chinese smartphone manufacturer Xiaomi said on Tuesday that it is planning to ramp up its production and to add extra assembly lines in its facility. Presently, Xiaomi India has a contract manufacturing unit with Foxconn, situated near Chennai at Sri City SEZ (Special Economic Zone), Tada and sells several models made at this manufacturing facility. "The plan is to increase number of (assembly) lines in our existing facility in Sri City (SEZ). We will be ramping up production," Manu Jain, India Head of Xiaomi told the journalists. In addition to ramping up the production, Xiaomi along with Taiwan-based Foxconn is having discussions with several state governments to establish two additional manufacturing units in ...
Indias net FDI flows surge to $38 bn in FY 2016
The Dollar Business Bureau India’s net foreign trade investment (FDI) flows are likely to surge to almost $38 billion this fiscal year. The major progress in FDI profile is a reflection of progressive policy reforms and the recent regulatory liberalisation in select sectors. According to a report of Kotak Institution Equities the net FDI flows stood at nearly $36 billion in FY 2016 when compared to $31 billion in the last fiscal. The report said that the nation’s position in FDI is estimated to further improve in 2016 with some positive signs. Recently, FDI announced by Foxconn in investment projects were valued at $5 billion in the coming 2-3 years, while GE and Alstom signed a joint venture deal worth $5.9 billion with ...
