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Taiwanese contract manufacturer Foxconn has unveiled plans to infuse $1.54 billion into its Indian operations. This investment surge aligns with India’s fervent push for localized production.
In a recent stock exchange filing, Foxconn highlighted the infusion as pivotal for meeting operational demands without divulging specific details.
This initiative notably aims to fortify alternative supply chains, departing from China, and bolstering the brand’s presence in India, IANS reported from New Delhi.
Foxconn, renowned as the primary assembler of Apple iPhones, currently operates a significant iPhone manufacturing facility in Tamil Nadu, employing 40,000 individuals. In addition to this, the company has committed to investing Rs 1,600 crore in a new electronics components unit in the state, anticipating the creation of 6,000 jobs.
Moreover, the manufacturer disclosed plans for a substantial injection of Rs 3,300 crore into its manufacturing plant in Telangana. This robust investment brings the total commitment in the state to over Rs 4,550 crore.
Union IT Minister Ashwini Vaishnaw reiterated the government’s staunch support for Foxconn’s ambitious expansion plans, emphasizing a commitment to facilitate and bolster the company’s manufacturing capacity within India.
Foxconn’s India representative, V Lee, echoed the ambitious vision, aiming to double employment, foreign direct investment (FDI), and overall business scope within the country by the following year.
Recently, Foxconn’s chairman, Young Liu, made a notable visit to India to participate in ‘SemiconIndia 2023,’ an event attended by global semiconductor companies and inaugurated by Prime Minister Narendra Modi in Gandhinagar. In his address, Liu lauded the Indian government’s unwavering resolve, expressing a bullish optimism regarding the nation’s trajectory.
“I can feel the determination of the Indian government. I am very optimistic about where it’s headed,” remarked Foxconn’s chairman at the event, underlining the brand’s commitment to India’s burgeoning tech manufacturing landscape.
