Foxconn Aims $1.7 bn More Investment in India

Foxconn, the major Apple supplier, intends to inject an extra 139.11 billion rupees ($1.67 billion) into Karnataka state in India, according to an announcement from the state government.
Foxconn at a trade showThis move aligns with Foxconn’s strategy to diversify production away from China due to disruptions caused by COVID-19 and geopolitical tensions.

Foxconn, renowned as the world’s largest contract manufacturer and responsible for assembling about 70 percent of iPhones, has significantly expanded its footprint in India by investing in manufacturing facilities, particularly in the southern region.

Earlier in August, Foxconn unveiled plans for a $600 million investment in two projects focused on producing casing components for iPhones and chip-making equipment within Karnataka state, Reuters news report said. Moreover, the company is gearing up to commence iPhone manufacturing operations in the same state by April 2024, an initiative poised to generate approximately 50,000 employment opportunities.

While details regarding the specifics of this fresh investment in Karnataka remain undisclosed by the government, Foxconn hasn’t promptly responded to inquiries seeking clarification or comment on these plans.