 "Foxconn has a '3+3 future industry' plan for India which includes...")
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.
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 — 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 and wind.
Foxconn has set up its first BESS unit in Taiwan for e-Buses. The unit is expected to start mass production this year.
The company is also considering setting up a BESS factory in Indonesia.
The proposed BESS factory in India will complement Foxconn’s electric vehicle manufacturing business, which is currently under construction.
When asked about the status of EV production, Liu said it will start ”very soon”.
Impact Shorts
More ShortsFoxconn has invested over USD 1.4 billion in India, and its business has grown to USD 10 billion.
At present, the company employs over 48,000 people in India.
”So far, till last year, we have done more than USD 10 billion in business size. We will do much more in this coming year,” Liu said.
During his visit, Liu said that he had met various chief ministers and felt India was rising.
”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.
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