Foxconn refutes Rs 15,000 crore investment claim; TN Minister Rajaa says ‘certainly discussed’

CHENNAI: A day after Tamil Nadu Industries minister TRB Rajaa claimed on his social media platform that Foxconn, the Taiwanese electronics manufacturer, had committed to investing Rs 15,000 crore in the state, the company has denied his claims of the massive ‘new’ investment.

However, the office of Rajaa reacted saying, “we certainly discussed Rs 15,000-crore investment at the meeting. Foxconn may not see it as a ‘new’ investment but this is the first time we are announcing it”.

On Monday, minister Rajaa had posted on X that Foxconn had committed to investing ₹15,000 crore in the state and creating 14,000 high-value engineering jobs. He described it as a record-breaking commitment for Tamil Nadu's workforce and announced the creation of a dedicated ‘Foxconn Desk’ at the state's investment promotion agency to fast-track the project with "mission-mode execution."

However, Foxconn issued a statement on Tuesday clarifying that no such new investment was discussed. The company stated that its newly appointed India representative, Robert Wu, had a meeting with the Chief Minister’s Office, but the talks did not involve any new financial commitments.

This direct contradiction leaves the status of the previously announced investment unclear. While the minister's post detailed plans for value-added manufacturing, including R&D and AI-driven operations, Foxconn's representatives did not comment on whether earlier investment plans for the state were still proceeding.

Reacting to the development, PMK leader Anbumani Ramadoss on his social media post said: It is not just about Foxconn’s investment. Ninety per cent of the DMK government’s announcements on industrial investments are lies. That is why the PMK has been demanding on publishing a white paper on such investments during the DMK regime.