Foxconn cancels plans for $5 billion investments in India

Foxconn will step back from a memorandum of understanding with the Indian government after failing to secure a deal for the land for the eventual plants. According to Subhash Desai, Minister of industries at the state of Maharashtr the manufacturer was on the lookout for a parcel in the past five years, but in the end, failed to succeed in acquiring one at terms that would work for it. According to local sources, Foxconn wanted to set up a plant and a manufacturing hub at Jawaharlal Nehru Port Trust in Navi Mumbai as well as buy 44 acres of land in the special economic...

from GSMArena.com - Latest articles https://ift.tt/2T4Zfca