Foxconn to invest $1.54 bn into expansion plans in India
The co. announced to funnel Rs 3300 crore into its mfg set up in Telangana taking its total investment to Rs 4550 crore
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Hyderabad: Taiwanese manufacturing giant Foxconn is set to inject a hefty $1.54 billion into India, amplifying the country's drive towards bolstering local production.
According to a disclosure in the stock exchange, Foxconn highlighted that this investment would cater to its "operational needs." However, specific details regarding this investment were not disclosed.
Famed as the primary assembler of Apple's iPhones, Foxconn, alongside Apple, seeks to diversify its manufacturing beyond China, aiming to establish alternate supply chains.
Foxconn already operates an iPhone production hub in Tamil Nadu, providing employment to 40,000 individuals. Additionally, it has inked a deal to inject Rs 1,600 crore into a fresh electronics components facility in the state, paving the way for 6,000 job openings.
Moreover, the company announced plans to funnel an extra Rs 3,300 crore into its manufacturing setup in Telangana, pushing its total investment in the state beyond Rs 4,550 crore.
The Indian government has expressed unwavering support for Foxconn's expansion plans, with Union IT Minister Ashwini Vaishnaw affirming complete commitment to aid and facilitate the Taiwanese giant's ambitious targets. Vaishnaw responded affirmatively to Foxconn India representative V Lee's aspirations outlined on LinkedIn, targeting a doubling of employment, FDI, and business size in India within the upcoming year.
