Taiwan-based technology company, Foxconn has signed a memorandum of understanding (MoU) with the Maharashtra government to invest $5 billion over five years on a new electronic manufacturing facility. The government has allotted 1,500 acres of land for the new facility at Taloja in Pune district.

The focus of the company in India would be on research and development and manufacturing. The company is also expected to produce thin film transistor (TFT), which is used in high definition TV sets at the Pune facility.

It is expected that Foxconn will set up 10 to 12 manufacturing plants in the country over the next five years.