Foxconn, the Taiwenese manufacturing partner for several of Apple’s products, has announced a further $1.5Bn investment in India. This follows up on an earlier announcement this year, wherein the company committed of doubling its workforce in the country.
India has been increasingly gaining central focus in smartphone manufacturing, more so when it comes to Apple. While the country still does not have any semiconductor manufacturing foundries — though there is a massive $6Bn push into it, India has still emerged as a major smartphone export hub, in a dramatic rise seen specially post-COVID.
Foxconn said in a stock exchange filing that the investment will help it fulfil “operational needs.” Foxconn recently pulled out of a massive $19.5Bn joint semiconductor JV with India’s Vedanta. “We will continue to strongly support the government’s “Make In India” ambitions and establish a diversity of local partnerships that meet the needs of stakeholders,” it had then said. It currently operates three facilities in India, and has committed to aggressively expand further as India emerges as a bright new hub with appetite for not just mass production, but for mass consumption of electronics as well. China’s strained relations which pretty much most of the rest of the world are also working in India’s favor.
Read more at thetechportal.com
Add comment