Foxconn ties up with Gautam Adani in a $5bn deal

What can termed as a smart move, Gautam Adani may enter a joint agreement with Taiwanese company Foxconn worth $5 billion.

This will give momentum to his friend and Indian PM Narendra Modi’s ‘Make in India’ initiative.

Sources told Economic Times it is likely the announcement will be made today.

Adani Enterprises’ agreement with Foxconn will give the former company a thrust in mobile and electronics manufacturing in India as the JV will be looking to manufacture whole host of electronics including tablets and mobile phone for brands like Apple and Kindle.

Companies like Xiaomi, Sony, etc have approached Foxconn to make smartphones for them in India.

Foxconn is an electronics contract manufacturing company.

Sources told ET that first two plants would be based out of Gujarat and Karnataka.

(Image: Indiatimes)