Hon Hai Group has been deeply involved in the Indian market in recent years. In particular, Hon Hai Chairman Guo Taiming has also personally visited India. He planned to announce a planned US$5 billion in August 2015 and set up in Maharashtra in western India. Large manufacturing plants are expected to bring 50,000 jobs in the next five years. According to Taiwan media reports, after two years of unsuccessful negotiations, the plan has become a blank check, which has disappointed local Indian officials.
India reported that Subhash Desai, Minister of Industry of the Government of Maharashtra, said that “Maharashtra must skip Foxconn (Hon Hai) as soon as possibleâ€, which means that Hon Hai may not be able to deliver on its investment commitments. Subhash Desai said that if Hon Hai does not invest, he will be disappointed with the media, but there is no difference in the state, because there are other foreign direct investment plans.
When the investment plan was announced more than two years ago, it was predicted that Hon Hai might assist the big customer Apple to produce the iPhone in India, but then it became another Taiwanese foundry Wistron, and set up a factory near Bengaluru to produce 4 inches. iPhone SE. Due to the high price, the iPhone is slow to expand in the Indian market. It is estimated that the market share is only 2.5%, which is far less than the mainland Chinese brand. The first retail store has also been delayed for many years.
Some people think that Hon Hai's successful acquisition of Sharp in Japan or the main factors affecting the follow-up investment plan, including not fulfilling India's investment commitment. After incorporating Sharp into the group, Hon Hai has a strong investment interest in LCD panels and TVs. In addition to working with the Guangzhou Municipal Government at the end of 2016, it has invested US$9 billion in the construction of the latest generation LCD panel factory. Last year, it announced its investment in Wisconsin, USA. Billions of dollars, producing panels and TV.
In February of this year, Indian Finance Minister Arun Jaitley announced that he decided to raise the import tariffs on smart phones when he announced the next year's budget. He said that the industry is more positive and believes that it will help the government achieve the goal of “Made in Indiaâ€. According to Moneycontrol.com, the Indian government will raise the import tariff on smartphones from the current 15% to 20% in the new fiscal year starting April 1. In fact, some related specific parts and accessories, import tariffs have previously been raised from 7.5 to 10% to 15%.
According to another industry official, the formal negotiations between Hon Hai and the Indian government in the past two and a half years have not yielded results. It is not wrong to say that the investment plan has been cancelled, including the search for suitable land, labor laws, and the Sino-Indian border. And environmental impacts are the main key factors. In fact, Fuzhikang, owned by Hon Hai, has a foundry in India, producing smartphones for customers such as Xiaomi, and will add a third foundry in the future.
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