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No progress in investment from Foxconn in Maha: Industries min

Press Trust of India  |  Mumbai 

Industries minister today said there has been no progress in the from Taiwan-based IT major Foxconn.

"There has been no progress in from Foxconn in the state," Desai told reporters here.

When asked to cite the reasons behind the delay in investments, Desai said, "Unhealthy relations prevailing between and may be one of the reasons the company is delaying its plan."

The Taiwan-based tech giant had inked a Memorandum of Understanding (MoU) with the state in August 2015, offering an investment of about 5 billion dollars.

It had planned setting up multiple manufacturing facilities for products including iPhones and tablets, spread over a period of five years.

Regarding its Navi plant, the minister said it was not a part of the MoU, but it may be possible that the company owned a private plot.

"They wanted a plot for the plant near the airport area, so we had suggested few plots near Talegaon, Khopoli and at Khalapur but so far no progress has been made in this regard," Desai said.

He said there are few other companies from electronic sector, which are ready to invest in

"Presently, 44 new industries from electronics sector are investing here, with expectations of over Rs 30,400 crore investment, and to generate an approximate 1 lakh employment opportunities. However, it takes at least 3-5 years for any industry to settle down," Desai said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 13 2017. 21:13 IST