Foxconn to Establish Battery Energy Storage Hub in India
Foxconn, the Taiwanese electronics powerhouse, is gearing up to expand its operations in India with a new battery energy storage system (BESS) unit. Moreover, this strategic move follows the company’s successful launch of its first battery manufacturing plant in Taiwan.
The company aims to capitalise on the country’s growing renewable energy sector and increasing demand for energy storage solutions. Furthermore, this investment aligns with India’s ambitious goal of achieving net-zero carbon emissions by 2070.
Foxconn’s Tech Hub Takes Off in India
The company has officially launched its information and communication technology (ICT) operations within the country. This strategic move, announced by Liu to Press Trust of India (PTI), underscores Foxconn’s commitment to India’s burgeoning tech sector.
He mentioned, “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…“
Electric Vehicle Push in India Gains Momentum
Foxconn is doubling down on its electric vehicle (EV) ambitions in India with a strategic focus on battery storage technology. Moreover, the company’s “3+3 strategy” highlights EVs as a key growth area, alongside digital health and robotics. With a massive market potential of over USD 1.4 trillion and a sizzling compound annual growth rate exceeding 20%, the EV industry is ripe for disruption.
Foxconn’s proposed battery energy storage system (BESS) factory in India will play a pivotal role in supporting its burgeoning EV manufacturing operations. Liu, the company’s key executive, hinted at an imminent launch of EV production in India, signalling the company’s commitment to the country’s electric mobility revolution.
Foxconn’s Significant Investment in India
Foxconn has made a substantial commitment to India, with investments exceeding USD 1.4 billion to date. However, this strategic investment has fueled significant growth, resulting in a business value of USD 10 billion. The company’s operations in India now support a workforce of over 48,000 employee, underscoring its positive impact on the local economy.
During his visit, Liu engaged in productive discussions with multiple chief ministers. Moreover, He expressed a strong belief in India’s upward trajectory, emphasizing its growing prominence on the global stage. Liu stated, “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.“
