iPhone Makers Foxconn Plans to Expand in India with $1.6 Billion Investment

GG News Bureau
New Delhi, 28th Nov. Hon Hai Precision Industry Co., the company behind the iPhone, intends to increase its presence in India by investing $1.6 billion in construction projects.

In an exchange filing in Taiwan on Monday, the company announced its plans without providing further details, stating that the investment is for operational purposes. A spokesperson for the company declined to disclose the location or nature of the new facilities.

This development comes as Foxconn, also known as Hon Hai, along with other Taiwanese electronics manufacturers, seeks to diversify their operations beyond China due to escalating tensions between the United States and China.

Approximately half of Foxconn’s revenue comes from its partnership with Apple Inc. The company has been manufacturing iPhones and other products in India for several years, including the latest iPhone 15. In September, a Foxconn representative in India stated on LinkedIn that the company plans to double its business in the country.

In August, the Karnataka state government announced that Foxconn intends to invest $600 million in two component factories in the southern Indian state. This includes a plant for manufacturing mechanical enclosures for iPhones and a semiconductor equipment manufacturing plant in collaboration with Applied Materials Inc., as stated by the government at the time.

These two projects are in addition to a $700 million facility that Foxconn plans to construct on a 300-acre site near Bengaluru airport, the capital of Karnataka. It is likely that this plant will be used for iPhone assembly.

It is unclear whether the latest investment announcement covers these projects or includes additional ones.

Foxconn already operates nine production campuses and over 30 factories in India, employing tens of thousands of people and generating approximately $10 billion in revenue annually.