Comments
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 industries, each has a significant growth potential with current scale at $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, wind etc.
The company has proposed to set up an electric vehicle unit in the country as well.
When asked about the status of EV production, Liu said it will start "very soon".
“Foxconn has invested $10 billion in India so far, and plans more investment in the coming year,” Liu said.
He was speaking on the sidelines of the inauguration of the company's women-only residential complex near Foxconn's plant.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.