Foxconn may invest $700 million in India, likely to create 1 lakh jobs: Report

By Team Newsable | First Published Mar 3, 2023, 3:30 PM IST

Foxconn Technology Group, a major manufacturer for Apple's iPhone, is reportedly planning to invest up to $700 million to build a new plant in India. One of Apple's primary suppliers in India, Foxconn will be investing in India, and in the process it will create 1 lakh jobs.

Foxconn Technology Group, a major manufacturer for Apple’s iPhone, is reportedly planning to invest up to $700 million to build a new plant in India. Given the rising geopolitical conflicts between Washington and Beijing, this action is seen as an attempt to boost domestic output while decreasing dependence on facilities in China.

According to media reports, Foxconn could be looking at producing iPhone parts on a 300-acre site located near Bengaluru, Karnataka. Additionally, according to reports, the facility could help Foxconn realise its long-standing plans for the production of electrified vehicles.

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India has become a possible location for serving as a manufacturing centre for businesses like Foxconn amid the escalating geopolitical issues. Up to 100,000 employment could be created in India as a result of this plan, which would transfer the centre of production for electronic components out of China.

Last November, Foxconn’s Zhengzhou facility, known as the biggest Apple iPhone factory globally, faced challenges with COVID-19 restrictions leading to significant downtime, impacting iPhone production. By reducing reliance on a singular facility, a new factory in India would lessen the effect of any upcoming events on the global supply network.

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Foxconn has also been looking forward to venture into the EV market, and now that it has already showcased its Model C EV for the Taiwanese market, the company could be potentially looking at India to bring its EV dreams into fruition.

Foxconn currently has sites in Tamil Nadu and Andhra Pradesh. Products for Apple and Amazon are produced in these facilities. Apple has two more vendors working in India besides Foxconn, namely Pegatron and Wistron.

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