Maharashtra Industries minister Subhash Desai said on 13 November that there has been no progress in the investments from Taiwan-based IT major Foxconn.
(Image for representational purpose only)
“There has been no progress in investments from Foxconn in the state,” Desai told PTI reporters.
When asked to cite the reasons behind the delay in invetments, Desai said, “Unhealthy relations prevailing between India and China may be one of the reasons the company is delaying its plan.”
The Taiwan-based tech giant had inked a Memorandum of Understanding (MoU) with the state government in August 2015, offering an investment of about $5 billion.
It had planned setting up multiple manufacturing facilities for products including iPhones and tablets, spread over a period of five years.
Regarding its Navi Mumbai plant, the minister said it was not a part of the MoU, but it may be possible that the company owned a private plot.
He said there are few other companies from the electronic sector, which are ready to invest in Maharashtra.
“Presently, 44 new industries from electronics sector are investing here, with expectations of over Rs 30,400 crore investment, and to generate an approximate 1 lakh employment opportunities. However, it takes at least 3-5 years for any industry to settle down,” Desai said.
