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Foxconn expands investment in India with $1.5 billion commitment

Foxconn to invest $600 million in two projects in Karnataka
Foxconn already operates three manufacturing campuses in India.

Taiwanese multinational electronics manufacturer and major supplier of Apple products Foxconn has announced a significant expansion in India with an investment of $1.5 billion. The funds are earmarked for a construction project aimed at fulfilling the company’s operational needs, the company disclosed in a stock exchange filing, without providing any further details.

This expansion comes as many technology firms, including Apple, are increasingly looking to shift part of their manufacturing base to India. The strategy is a response to the ongoing US-China trade tensions and the desire to mitigate risk by diversifying production locations.

Foxconn, which already operates three manufacturing campuses in India, aims to double both its workforce and investment in the country by the next year. In August, the company invest $600 million in two projects in the southern Indian state of Karnataka for chip-equipment manufacturing and casing components for iPhones. Apart from Karnataka, Foxconn also has investments in Tamil Nadu and Telangana.

Despite pulling out of a $19.5 billion chipmaking joint venture with Vedanta earlier this year, Foxconn remains committed to India’s technological ambitions. The company’s Chairman, Liu Young-way, had previously emphasized the potential in India, stating that “several billion dollars in investment is only a beginning.”

Industry experts have noted a significant increase in Foxconn’s revenues from India, reflecting the growing importance of the region in the company’s global strategy. The investment is seen as a strategic move to secure Foxconn’s leading position in the Electronics Manufacturing Services sector and to support the Indian government’s ‘Make in India’ initiative.

The expansion in India also mirrors a broader trend among Apple suppliers reassessing their concentrated presence in China following production disruptions due to Covid-19 lockdowns in 2022. With this latest investment, Foxconn is not only reinforcing its commitment to India but also adapting to the evolving global manufacturing landscape.

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