India’s largest contract manufacturer company, Foxconn, is planning to establish the world’s second-largest Battery Energy Storage System (BESS) in Tamil Nadu. The Tamil Nadu government has offered 200 acres of land to the company for this massive project.
The discussion for this project is in the final stage. Also, an official revealed that Tamil Nadu would offer incentives to Foxconn. The Tamil Nadu Government proposed land for the project near Manalur in Tiruvallur district.
Young Liu, the chairman of Foxconn, visited India in August this year and discussed the company’s plans to expand its operations in this country. According to him, Foxconn will now focus on electric vehicles (EVs), energy, digital health, and the smartphone sector. He shared, “We are eager to bring our 3+3 future industry initiative to India.” Young Liu also said he had been in talks with the Tamil Nadu Minister about potential collaboration on BESS.
Fosconn’s key industries – electric vehicles, digital health, and robotics will offer significant growth due to the ‘3+3 strategy’. Currently, these sectors represent $1.4 trillion with an annual growth rate of more than 20%.
Young Liu provided updates about Foxconn’s first battery energy storage system in Taiwan during the investor conference call for the company’s third-quarter results. He shared that the Taiwan project is almost complete; however, due to several typhoons impacting the area, official mass production will start in the first quarter of next year.
