MAHARASHTRA, India, Aug. 8 (UPI) -- Taiwan-based global electronics manufacturer Foxconn says it will invest about $5 billion in western India over the next five years.
The Wall Street Journal reports the contracted iPhone manufacturer signed a memorandum of understanding Saturday, promising to begin developing factories and research facilities in the state of Maharashtra.
According to Subash Desai, the state's Minister of Industries, the Foxconn, or Hon Hai Precision Industry Co., projects would employ around 50,000 people.
"The memorandum of understanding is the first step," the Journal quotes Desai saying. "[Foxconn is] in the process of selecting the [factory] locations."
Company chairman Terry Gou said Foxconn will seek partnerships with local companies to bolster its presence in the state, Times of India reports. The manufacturing giant will receive 1,500 acres of land.
Just days before Saturday's memorandum signing, Gou revealed to reporters his intention to expand Foxconn's presence in the South Asian country.
Gou joins other large company officials like Masayoshi Son (SoftBank Corp.), Jack Ma (Alibaba Group Holding Ltd.) and Jeff Bezos (Amazon.com Inc.) in their public commitment to partnering with the company, according to International Business Times.