Foxconn considering BESS plant in Tamil Nadu, electric vehicle plant in India

Foxconn, the company which assembles the iPhone, plans to set up a battery energy storage system (BESS) unit in India, its chairman Young Liu said.

Talking to reporters in Sriperumbudur (Tamil Nadu), where the company runs an iPhone assemble plant, Liu said: "I have been talking to the minister for industries here about how can we collaborate on BESS in Tamil Nadu..." indicating the plant is most likely to come up in the southern state.

The move would be progressive for Foxconn, whose battery business has been more focused around electric vehicles (EVs). The company has been expanding its battery business and recently set up a battery unit for e-buses in its home nation of Taiwan. 

Foxconn has also proposed to set up an EV unit in India --- asked about the status of EV production in the country, Liu said it would start "very soon". Last week, the Foxconn chairman met Prime Minister Narendra Modi in Delhi and discussed fresh investments in Tamil Nadu and Karnataka, as well as new investments in Bihar and Andhra Pradesh. 

Foxconn, Liu said, has done $10 billion worth of business in India so far. "So far, till last year, we have done $10 billion. We will do much more in this coming year," Liu told reporters.

"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," he said.

Lio mentioned the company's "3+3 strategy", which prioritizes electric vehicles (EVs) as a key business focus area. "We are also waiting to put our 3+3 future industry in India," he said. The world's largest contract electronics manufacturer said last year it was targeting 5 percent of the global EV market and $33 billion in revenue from its EV and EV components business by 2025. 

Foxconn has prioritized the three key industries in its "3+3 strategy" --- electric vehicles, digital health, and robotics. 

Each of these three has been deemed as having significant growth potential. Together, the Taiwanese company estimates the industries to be worth $1.4 trillion globally and growing at a compounded annual growth rate of more than 20 percent. 

Liu also visited Bangalore, where the company is investing $2.7 billion to set up an iPhone factory on a 300-acre plot near the international airport. The Bangalore facility will have capacity to assemble 20 million smartphones a year.