Apple’s primary iPhone supplier, Foxconn, is gearing up to invest more in India in the coming months and align with India’s aim of creating more employment and FDI.
The manufacturer’s India representative, V Lee, said on the occasion of PM Narendra Modi’s birthday that Foxconn aims to double it’s investment and employment opportunities to the locals. The company already has many factories and tens of thousands of workers in India.
Infusing Captal and Expansion
The Taiwanese mega manufacturer, Foxconn plans to double it’s investment and employment in the Indian subcontinent, as many of it’s major clients are looking for an alternate to China.
As the tensions between Washington and Beijing continue to grow, major US companies like Apple and Qualcomm are pushing their manufacturers to supply from more reliable places and thus, filtering to India and Vietnam.
In this pursuit, Foxconn, Apple’s major iPhone contractor, invests heavily in India to make it a reliable ground for it’s production business. The company already has tens of thousands of workers in the country, with a significant plant in Tamil Nadu.
Foxconn was recently approved for a 300-acre site close to the airport in Bengaluru, that’s likely to create about 100,000 jobs working on casing components for iPhones and chip-making equipment. This project is worth $600 million and Foxconn aims to pump even more.
As it’s gradually moving away from China, Foxconn’s India representative V Lee said on a LinkedIn post this week that the company is “aiming for doubling of employment, FDI (foreign direct investment) and business size in India” by next year.
This aligns with Foxconn Chairman Liu Young-way’s saying from last month’s earnings call that he sees a lot of potential in India and “several billion dollars in investment is only the beginning“.
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