Aug 18, 2024 06:01 PM IST
With an eye on the electric vehicle segment, Foxconn has been expanding its battery manufacturing business, with the first plant already set up in Taiwan
Taiwanese electronics manufacturing giant Foxconn is working on plans to set up a Battery Energy Storage System unit in India, its chairman Young Liu said here.
With an eye on the electric vehicle segment, Foxconn has been expanding its battery manufacturing business, with the first plant already set up in Taiwan.
Liu told PTI that Foxconn’s information and communication technology segment has just started in India.
“We are also waiting to put our 3 3 future industry in India. I have been talking to the minister for industries here about how can we collaborate on BESS (Battery Energy Storage System) in Tamil Nadu…,” Liu said.
As part of the “3 3 strategy”, Foxconn has prioritised the three key industries — electric vehicles, digital health, and robotics industries, each has a significant growth potential with current scale at USD 1.4 trillion and over 20 per cent compound annual growth rate.
Foxconn’s battery storage business is more focused on electric vehicles.
Battery energy storage systems (BESS) enable energy storage from renewable sources like solar, wind etc.
The company has proposed to set up an electric vehicle unit in India as well.
Also Read: India will need 1 lakh company secretaries by 2030, only around 12,000 practice currently: ICSI
When asked about the status of EV production, Liu said it will start “very soon”.
Foxconn’s business in India has grown to over USD 10 billion by 2024, Liu said.
The chairman also said that during his current visit, he met various chief ministers, and feels that India is on the rise.
“So far, till last year, we have done USD 10 billion. We will do much more in this coming year,” Liu said.
He was speaking on the sidelines of the inauguration of the company’s women-only residential complex near Foxconn’s plant here.
“After visiting so many states in India, I felt that India is ascending. Foxconn wants to be a part of it. We will grow together with India’s growth,” Liu said.
Also Read: How much do LIC agents earn? The state in which they earn the most is…
