IANS | 28 Nov, 2023
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.
Foxconn
is the main assembler of Apple iPhones and both companies are keen to
move away from China and create alternative supply chains.
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 that 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 support 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 had 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."
