JAKARTA -- At long last, Hon Hai Precision Industry (Foxconn) has formalized its plans to establish a manufacturing plant here, as today it signed a letter of intent to invest, a city spokesman told reporters.

Reuters, citing a city administrator, is reporting Foxconn may invest an undisclosed sum in a manufacturing facility in North Jakarta.

Foxconn will initially build on 20 hectacres of land but may expand to up to 200 hectares, the news agency reporting, citing the head of the state-owned logistics and industrial parks developer.

While Indonesian officials are declining to state the size of the proposed investments, some reports have pegged it at as much as $1 billion. However, that sum is seen as an outlandish exaggeration by others in the industry.

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