$5 billion Foxconn plant deal scrapped

[艹艹艹]

$5 billion Foxconn plant deal scrapped: Industries Minister

MUMBAI , JANUARY 07, 2020 01:59 IST

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  Maharashtra Industries Minister Subhash Desai announced on Monday that the deal with Foxconn Technology Group to build an electronics manufacturing plant has been cancelled.
  
  Mr. Desai said Foxconn, the world’s largest contract manufacturer of consumer electronics, has decided not to go ahead with its commitment to invest around $5 billion (over ₹35,000 crore) in the State as proposed in an MoU signed with the government in 2015. He said the deal would not be carried out owing to Foxconn’s internal dispute with Apple Inc. “The investment commitment made by Foxconn is not coming through. It will not happen in the future as well. While they had taken up land near Navi Mumbai to set up initial facilities, it seems like multiple factors have led to their exit from Maharashtra,” he said.
  
  Mr. Desai said the MoU with Foxconn did not have any loopholes and the State government had made all possible efforts to make sure the deal would be implemented. He said, “Prevailing global economic conditions, better performance by its competitors and internal disagreements with Apple, ensured the company could not get a head start.” Mr. Desai added, “We left no stone unturned to ensure that this MoU came through. But it was all in vain.”
  

 

[Viva_Viet]

Thats normal.only Cnese love buying stupid but expensive Iphone and stupid-usless wt no google like Hwei phone manufacturing by foxcon. So if Foxcon move to India, then she will lose Cnese customers and collapse.

 

[khansaheeb]

Chance for Pakistan to negotiate a deal. We can provide better facilities and better terms.

 

[Protest_again]

Chance for Pakistan to negotiate a deal. We can provide better facilities and better terms.

Imran should go and meet with Foxconn executives. It's a great chance to level your trade deficit with China.

 

[macnurv]

Chance for Pakistan to negotiate a deal. We can provide better facilities and better terms.

Accha very good idea, but one little issue. We dont have enough power to supply ourselves yet we want to have such a huge plant open here. Dreaming is good but there is a fine line between hallucinating and dreaming.

 

[艹艹艹]

Imran should go and meet with Foxconn executives. It's a great chance to level your trade deficit with China.

According to Chinese statistics, from January to September 2019, China-India trade was $69.66 billion, China's exports to India stood at $56.31 billion, while imports from India were $13.35 billion,India's trade deficit with China reached $42.96 billion