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Apple's biggest iPhone manufacturer, Foxconn, to invest $1.54 billion in India

Foxconn, which is the biggest manufacturer of Apple iPhone, has said that it will double down on its investment in India soon.

Edited By: Shubham Verma

Published: Nov 28, 2023, 01:51 PM IST

Foxconn has said it will increase its investment in India.
Foxconn has said it will increase its investment in India.

Story Highlights

  • Foxconn said it will make an additional investment of $1.54 billion in India.
  • This will allow Foxconn to create more manufacturing lines in the country.
  • Foxconn is the biggest manufacturer of Apple iPhone.

Taiwanese contract manufacturer Foxconn plans to invest $1.54 billion in India, as the country doubles down on local manufacturing. In a stock exchange filing, Foxconn said that the investment will help it fulfil “operational needs.” The company, however, did not provide further details. The company also did not say where the new manufacturing facilities would be set up or what it would build to expand the production. It is also not clear whether these manufacturing lines will cater to the assembly of iPhones only.

Foxconn is the main assembler of Apple iPhones and both companies are keen to move away from China and create alternative supply chains as tensions between the US and China continue to exist. About half of Foxconn’s revenue is driven by the manufacturing of iPhones and other Apple products.

Foxconn already has an iPhone factory in Tamil Nadu, which employs 40,000 people and has signed an agreement to invest Rs 1,600 crore in a new electronics components unit in the state, which will create 6,000 jobs. The company has also announced that it will be investing an additional Rs 3,300 crore in its manufacturing facility in Telangana. This will take the total investment of the company in the state to more than Rs 4,550 crore.

In September, Union IT Minister Ashwini Vaishnaw said the government was “fully committed” to supporting Taiwanese electronics giant Foxconn’s ambitious plans to double its manufacturing capacity in the country.

“Fully committed to support and facilitate,” Vaishnaw said on X in response to Foxconn India representative V Lee’s LinkedIn post to mark Prime Minister Narendra Modi’s 73rd birthday in which he said the company was “aiming for another doubling of employment, FDI (foreign direct investment), and business size in India” by this time next year.

Foxconn chairman Young Liu visited India recently to attend the ‘SemiconIndia 2023’ event hosted for global semiconductor companies that was inaugurated by PM Modi in Gandhinagar. Speaking at the event, the Foxconn chairman said, “I can feel the determination of the Indian government. I am very optimistic about where it’s headed.”

— Written with inputs from IANS

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Author Name | Shubham Verma

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