Foxconn plans to set up battery energy storage system in India

SRIPERUMBUDUR: Taiwanese electronics manufacturing giant Foxconn is working on plans to set up a battery energy storage system unit in India, its chairman Young Liu said here.

With an eye on the electric vehicle segment, Foxconn has been expanding its battery manufacturing business, with the first plant already set up in Taiwan. Liu told PTI that Foxconn’s information and communication technology segment has just started 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.

As part of the “3+3 strategy”, Foxconn has prioritised the three key industries electric vehicles, digital health, and robotics each has a significant growth potential with current scale at USD 1. 4 trillion and over 20 per cent compound annual growth rate. Foxconn’s battery storage business is more focused on electric vehicles. Battery energy storage systems (BESS) enable energy storage from renewable sources like solar and wind.