Foxconn backs out of $5 bn investment

Taiwanese electronics major  Foxconn has decided not to set up its manufacturing units in Maharashtra, India, after failing to strike a feasible deal with the state’s government. This will not really impact Indian consumers, but could impact plans of other gadget manufacturers.

The company was looking for suitable land for its project for the past five years, but nothing could be finalised. In 2015, Foxconn had expressed interest in setting up manufacturing units in Maharashtra, with a proposed investment of US$ 5 billion over the course of five years. But the plan never took off.