Taiwanese company Foxconn, which manufactures Apple iPhones, is set to invest $1.6 billion in India as part of its expansion plan. The company shared this information on November 27, 2023, through an exchange filing in Taiwan. Foxconn stated that the investment is aimed at fulfilling operational requirements.
Also known as Hon Hai Precision Industry Co, Foxconn, along with other Taiwanese electronics manufacturing companies, is considering increasing investments outside China and the United States amid ongoing tensions. The decision to invest in India is seen in line with this trend. However, the company’s spokesperson denied confirming whether the investment would involve setting up a new plant or expanding existing facilities.
Foxconn generates more than half of its revenue from its association with Apple. The company has been manufacturing products in India for several years, including the latest iPhone 15. Representatives from Foxconn expressed the company’s intent to double its size in India.
With more than 30 factories across nine production campuses, employing over 10,000 people, Foxconn aims to achieve annual revenue exceeding $10 billion. Earlier this year, in August, the Karnataka government announced that Foxconn would invest $600 million to build two component factories in the state, focusing on iPhone mechanical enclosures and semiconductor manufacturing in collaboration with applied materials.