Foxconn capex adds to India’s mfg hub mission: Vaishnaw

Upbeat On India

♦ Foxconn investing additl Rs3,300 cr in its mfg facility in Telangana

♦ It’ll take total investment in State to over Rs4,550 cr

♦ Foxconn makes 70% of iPhones globally

♦ It’s investing heavily in local manufacturing in India

New Delhi: The investment plans by Hon Hai Technology Group (known as Foxconn) will help India become a global manufacturing hub, Union Minister for Railways, Electronics and IT and I&B, Ashwini Vaishnaw, said on Friday.

The Minister met Young Liu, Chief Executive Officer and Chairman of Foxconn, in the national capital.

In a post on social media platform X, Minister Vaishnaw said: “As we strive to make Bharat a global manufacturing hub, thanks to Foxconn’s Chairman Young Liu for his continued investment plans.”

Liu earlier met Prime Minister Narendra Modi and discussed several opportunities in “futuristic sectors” like artificial intelligence (AI), semiconductors, local electronics manufacturing and more.

The Taiwanese contract manufacturer plans to invest $1.54 billion in the country to help it fulfill ‘operational needs.’