Foxconn to Establish Battery Energy Storage System unit in India

Foxconn, a major Taiwanese electronics manufacturer, is currently developing strategies to establish a Battery Energy Storage System division in India, according to its chairman Young Liu. Foxconn has been growing its battery manufacturing business, focusing on the electric vehicle market, and has established its initial plant in Taiwan.

Liu informed PTI that Foxconn's ICT segment has recently launched in India.

"We are also waiting to put our 3+3 future industry in India. I have been talking to the minister for industries here about how can we collaborate on BESS (Battery Energy Storage System) in Tamil Nadu...," Liu said.

In the "3+3 strategy", Foxconn has placed a high emphasis on three key industries - electric vehicles, digital health, and robotics, which have immense growth potential with a current size of USD 1.4 trillion and a compound annual growth rate of over 20 percent.

Foxconn primarily concentrates on the electric vehicle market with its battery storage business. Battery energy storage systems (BESS) allow for storing energy generated from sources such as solar and wind.

The company has suggested establishing an electric vehicle division in India also. When inquired about the progress of electric vehicle manufacturing, Liu commented that it will commence "shortly".

Liu stated that Foxconn's business in India has expanded to exceed USD 10 billion by 2024. The chairman added that he met several chief ministers during his latest trip and believes India is progressing.