Foxconn to invest $1.54 billion in India

Foxconn remains committed to India by having three active manufacturing campuses there
The logo of Foxconn is seen outside the companys building in Taipei, Taiwan November 10, 2022. — Reuters
The logo of Foxconn is seen outside the company's building in Taipei, Taiwan November 10, 2022. — Reuters

Foxconn, Apple's largest supplier of iPhones, plans to invest $1.54 billion in India. The move marks the most recent in the series of its growing expansion plan considering the rapid growth of revenue in the South Asian market.

In a stock exchange filing, the Taiwanese multinational electronics manufacturer stated that the investment will allow it to cater to “operational needs.”

The announcement of the significant investment comes just two months after it revealed plans to double its workforce and investment in India by 2024, as reported by TechCrunch.

As many tech giants eye to diversify their manufacturing bases in India, termed "China+1," by experts, Foxconn collaborates with various companies, including tech giant Apple, and manufactures their devices in Indian plants.

Foxconn has been witnessing a surge in investment in China for over 15 years. However, as a result of the trade tensions between the United States and China, this trend slowed down since 2018.

Nevertheless, Foxconn remains committed to India, operating three manufacturing campuses in the country.

Despite withdrawing from a $19.5 billion chipmaking joint venture with Vedanta earlier this year, the company had expressed confidence in India's ambitions.

“Building fabs from scratch in a new geography is a challenge, but Foxconn is committed to investing in India. We have been working on challenges like this since the 1980s. Foxconn has no intention to do anything but continue to strongly support the government’s ‘Make in India’ ambitions and establish a diversity of local partnerships that meet the needs of stakeholders,” the company had remarked at the time.

In August this year, the company unveiled its intention to invest $600 million in two initiatives in the Southern Indian state of Karnataka. The focus of these projects would be the manufacturing of chip equipment and casing components for the iPhone.