Foxconn's Bold Move: Setting Up Battery Energy Storage System in India

Foxconn, a Taiwanese electronics giant, plans to establish a Battery Energy Storage System unit in India, focusing on the electric vehicle market. Chairman Young Liu acknowledged India's rising economic prospects and discussed potential collaborations with local industries. Foxconn aims to enhance its business footprint in India, targeting significant growth and diversification.

Taiwanese electronics manufacturing giant Foxconn is preparing to establish a Battery Energy Storage System (BESS) unit in India, chairman Young Liu revealed.

Targeting the electric vehicle market, Foxconn is expanding its battery manufacturing operations, having already established a facility in Taiwan. Liu stated that Foxconn's information and communication technology segment is in its nascent stages in India.

Liu further disclosed discussions with India's industry minister regarding collaboration on BESS in Tamil Nadu under Foxconn's '3+3 strategy'—focusing on electric vehicles, digital health, and robotics—each with substantial growth potential.

Foxconn's battery storage initiatives are concentrated on electric vehicles, with plans to launch EV production in India 'very soon.' The company's Indian operations are projected to exceed USD 10 billion by 2024. Liu emphasized Foxconn's commitment to contributing to and benefiting from India's ascent in global business rankings.

(With inputs from agencies.)