Foxconn to invest in Indonesia after lengthy discussions | Company data
(The Insider Stories) –Taiwan-based Foxconn Technology Group finally will enter Indonesia after extended discussions with the Indonesian government, with the electronics producer planning to invest US$10 billion in the next ten years, according to reports.
Industy Minister M.S. Hidayat is reported as saying Foxconn will start with an initial investment of up to US$1 billion to develop a facility on 50 hectares land in Banten province, with its facility estimated to eventually span over 500 hectares, with groundbreaking at the project possible in December as Foxconn plans to produce and sell products in Indonesia by midway through next year.
Hidayat says in reports that Foxconn has chosen a local partner to run its business in Indonesia. A source tells The Jakarta Post that Foxconn has communicated with several local players, including PT Hartono Istana Teknologi, which makes consumer electronics under the Polytron brand and is controlled by Michale Bambang Hartono and Robert Rudi Hartono, who had assets in 2012 valued at 6.5 billionn rupiah and IDR6.3 billion respectively via their ownership in cigarette maker PT Djarum and a majority shareholding in PT Bank BCA.
