Sriperumbudur: Taiwan’s leading electronics manufacturing company Foxconn is planning to set up a battery energy storage system plant in India, the company’s chairman Young Liu said here. Eyeing the electric vehicle (EV) sector, Foxconn is expanding its battery manufacturing business. Its first plant has been set up in Taiwan. Liu told PTI that Foxconn’s information and communication technology segment has just started in India.
Liu said, “We are also looking forward to setting up our 3+3 future industries in India. I am here talking to the Industry Minister about how we can cooperate on BESS (battery energy storage system) in Tamil Nadu….” He said, “Foxconn has prioritized three key industries – electric vehicles, digital health and robotics industry as part of the 3+3 strategy. Each of these has significant growth potential with a current scale of $1.4 trillion and a cumulative annual growth rate (CAGR) of over 20 percent.”
Foxconn’s battery storage business is more focused on electric vehicles. BESS enables storage of energy produced from renewable sources such as solar, wind, etc. The company has also proposed to set up an EV plant in India. When asked about the status of EV production, Liu said it will start ‘very soon’. Liu said Foxconn has so far done a business of $10 billion in India. The company is also planning more investments in the coming year.
Padma Bhushan awardee Liu said that during his current visit he met the Chief Ministers of various states and realized that India is on the path of progress. Liu said, till last year we have done a business of 10 billion dollars. We will do much more in the coming year. Liu said this on the occasion of the inauguration of the residential complex built for the company’s women employees only near the Foxconn plant here.
