04/08/2015 10:14 PM IST | Updated 15/07/2016 8:25 AM IST

Foxconn In Talks With Adani, Micromax, Snapdeal For Mobile Phone Manufacturing Foray In India

FILE - In this May 26, 2010 file photo, staff members work on the production line at the Foxconn complex in the southern Chinese city of Shenzhen, southern China. A pledge reported Thursday, March 29, 2012 by the manufacturer of Apple's iPhones and iPads to limit work hours at its factories in China could force other global corporations to hike pay for Chinese workers who produce the world's consumer electronics, toys and other goods. Foxconn Technology's promise comes as Beijing is pushing foreign companies to share more of their revenues with Chinese employees. (AP Photo/Kin Cheung, File)

Conglomerate Adani Enterprises Ltd. said on Tuesday it was in discussions with Taiwan's Foxconn, the trade name for Hon Hai Precision Industry Co Ltd., for a joint venture, though no agreement has been signed.

The company is planning a joint venture worth $5 billion with Foxconn to build components for companies like Apple Inc. and Amazon, said a report in The Economic Times. If the deal goes through, it would be the largest foreign investment in local manufacturing under Prime Minister Narendra Modi's 'Make in India' programme.

Foxconn is looking to start manufacturing as many as 400 million mobile phones in India, the report said. "We are at the discussion stage only and have not signed any agreement which requires disclosure," Adani said in a filing.

Foxconn Chairman Terry Gou was reported as saying that his company will work with Adani. However, he was also quoted as saying that Foxconn is in talks with companies such as Micromax and Snapdeal.

Foxconn is the world's largest contract maker of electronic products and counts companies like Apple, BlackBerry, Motorola, Huawei and Xiaomi as clients.

READ: Foxconn In Talks To Build First Apple Plant In India, Say Government Officials

A return of Foxconn — which was forced to shut up shop in India last year after client Nokia closed — would be a major victory for India, which badly needs to turn its tech boom into a manufacturing and employment boost.

Modi's government has sought to reboot manufacturing, but the country is yet to rival China, particularly in technology where most factories will likely be assembly units to begin with.

(With agency inputs)

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