Foxconn To Invest 12,833 Crore In India, Joins ‘Make in India’ Initiative
Taiwanese electronics giant Foxconn, officially known as Hon Hai Technology Group, is widely recognized for its role as the largest contract manufacturer for Apple. They are instrumental in assembling iPhones, a significant part of their global business operations.
Foxconn To Invest $1.54 Billion In India
Now, the big news is Foxconn’s investment plans in India. The company has announced a substantial investment of $1.54 billion in the country.
This move aligns with India’s push for more domestic manufacturing and is seen as a strategic shift in Foxconn’s operations outside China, amidst rising tensions there.
Why this investment in India, you ask? It’s part of Foxconn’s strategy to diversify its production lines and reduce dependence on Chinese manufacturing facilities. This move is also a response to the global demand for diversification in supply chains.
₹4,550 Crore Investment In Tamil Nadu
Foxconn’s expansion plans in India are vast. They’ve promised to invest in a new electronics components unit in Tamil Nadu, expected to create 6,000 jobs. This is in addition to their existing iPhone factory in the state, which already employs 40,000 people.
Moreover, they plan to invest an extra Rs 3,300 crore in their Telangana manufacturing site, boosting their total investment in the state to over Rs 4,550 crore.
Speaking of Tamil Nadu, Foxconn’s subsidiary, Foxconn Industrial Internet (FII), is planning to build a facility in the state by next year. The initial phase of this facility is expected to see an investment of around $200 million and could generate about 5,000 jobs.
Apple AirPods Manufacturing In India
Foxconn is also planning to manufacture Apple AirPods in India. With an investment of over $200 million, the new plant in Telangana will be a significant step for Apple in diversifying its production away from China.
This move is partly due to Apple’s request for India-based manufacturing and is seen as a strategic decision to mitigate risks associated with the concentration of manufacturing in one geographic area.
Apple, Foxconn Joins ‘Make in India’
What does this mean for India? It’s a significant boost to the ‘Make in India’ initiative. Foxconn’s decision to invest heavily in the country is a vote of confidence in India’s manufacturing capabilities and its growing importance in the global electronics supply chain.
Also Read: Tata Electronics Plans To Expand Its iPhone Factory, To Employ 28k People
Foxconn’s expansion in India marks a pivotal moment in the country’s journey towards becoming a key player in the global electronics manufacturing sector.
