Foxconn to invest $6b in smartphone plant, R&D center in Nanjing

Foxconn Technology Group will invest more than 37.5 billion yuan ($5.74 billion) to build a smartphone plant, a research and development center and other facilities in the Chinese city of Nanjing, a local government document showed.

According to a document accessed by China Daily on Thursday, the 37.5 billion yuan investment is a strategic partnership deal Foxconn, also known as Hon Hai Precision Industry Co, signed with the Nanjing municipal government on Tuesday.

An official at the Nanjing Municipal Commission of Economy and Information Technology responsible for coordinating the deal said, "Foxconn will invest in Nanjing and we will provide support to it in accordance with relevant laws and regulations." The source declined to be identified as the official was not authorized to talk about the matter.

According to the document, Foxconn has also signed agreements of intent to invest 4.58 billion yuan to build a research and development center in the Yuhuatai district of Nanjing. It is also likely to invest more money to build a liquid crystal display TV plant and other facilities in the city.