Taiwan’s Foxconn, the trade name for Hon Hai Precision Industry Co Ltd, on Saturday signed a pact with India’s Maharashtra state to invest $5 billion over five years on a new electronic manufacturing facility.

The announcement was made by Foxconn founder Terry Gou and Maharashtra Chief Minister Devendra Fadnavis after the signing of an accord between the two in the state capital, Mumbai.

Gou said the company, the world’s largest contract maker of electronic products and counts Apple, Blackberry, Xiaomi [XTC.UL] and Amazon among clients, was looking for local partners for the planned facility in the western Indian state.

On Tuesday, Gou said in New Delhi he was looking at setting up manufacturing units in various Indian states and possible partnerships in the world’s fastest growing smartphone market.

(Reporting by Devidutta Tripathy; Writing by Sumeet Chatterjee; Editing by Robert Birsel)

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