Taiwanese electronics manufacturing giant Foxconn is operating on schemes to start a Battery Energy Storage System unit in India, its chairman Young Liu said.
Foxconn has been growing its battery production business, with the first plant already established in Taiwan, with an eye toward the electric vehicle market.
Foxconn’s information and communication technology division is relatively new in India, according to Liu, who spoke with PTI.
Liu stated, “We are also holding off on setting up our 3+3 future sector in India. I have been discussing to the minister for industries here about how can we work together on BESS (Battery Energy Storage System) in Tamil Nadu.”
The three main businesses that Foxconn has prioritized as part of its “3+3 strategy” are digital health, robotics, and electric vehicles. With a combined market value of USD 1.4 trillion and compound annual growth rates of over 20%, each of these industries has considerable growth potential.
Energy storage from renewable sources, such as solar and wind power, is made possible by battery energy storage systems, or BESS.
The business has also suggested opening an electric vehicle division in India.
Liu stated that the production of EVs will begin ‘very soon’ in response to a question.
By 2024, Foxconn’s revenue in India is expected to reach above USD 10 billion, according to Liu.
The chairman added that he visited several chief ministers on his current visit and believes that India is growing.
“Up until last year, we completed USD 10 billion in transactions. We have a lot more to do in the upcoming year,” Liu declared.
He was talking on the sidelines of the launch of the company’s women-only residential complex near Foxconn’s plant.
“I had the impression that India was rising after seeing so many of its states. Foxconn desires to participate in it. We will grow together with India’s growth”, Liu declared.
