Foxconn working on plans to set up battery energy storage system unit in India
As part of the "3+3 strategy", Foxconn has prioritised the three key industries -- electric vehicles, digital health, and robotics -- each has a significant growth potential with current scale at $1.4 trillion and over 20% compound annual growth rate.
Taiwanese electronics manufacturing giant 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 three key industries--electric vehicles, digital health, and robotics--each has a significant growth potential with current scale at $1.4 trillion and over 20% 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 and wind.
Foxconn has set up its first BESS unit in Taiwan for e-Buses. The unit is expected to start mass production this year.
The company is also in discussion to set up a BESS factory in Indonesia.
The proposed BESS factory in India will complement Foxconn's electric vehicle manufacturing business in India, which is under works.
When asked about the status of EV production, Liu said it will start "very soon".
Foxconn has invested over $1.4 billion in India to date, and its business has grown to $10 billion.
At present, the company employs over 48,000 people in India.
"So far, till last year, we have done more than $10 billion in business size. We will do much more in this coming year," Liu said.
Liu said that during his current visit, he met various chief ministers and feels that India is on the rise.
"After visiting so many states in India, I felt that India is ascending. Foxconn wants to be a part of it. We will grow together with India's growth," Liu said.
Edited by Megha Reddy