Foxconn iPhone Plan: Foxconn, the Taiwanese company that manufactures Apple iPhone, is going to invest 1.6 billion dollars in India as part of its expansion plan. On November 27, 2023, the company has shared this information under exchange filing in Taiwan.
In this disclosure, the company said that this investment is being made to meet the operational needs. The news comes as Foxconn, and other Taiwanese electronics manufacturers, continue to diversify their businesses outside of China as tensions rise between Washington and Beijing. In such a scenario Foxconn plans to expand footprint in India.
Foxconn is also known as Hon Hai Precision Industry Co. According to Bloomberg report, Hon Hai and other Taiwanese electronics manufacturing companies want to increase investment outside China due to the ongoing tension between China and America and Foxconn's decision to invest in India is in line with this. However, the company spokesperson has refused to say whether the company will set up a new plant through this investment or will invest in the old facility itself.
Over half of Foxconn's revenue comes from Apple
More than half of Foxconn's revenue comes from Apple. Apart from Apple iPhone, the company has been manufacturing other products in India for the last many years. Apple's latest iPhone 15 has been manufactured by Foxconn in India. Foxconn representative said that the company wants to double its size in India.
Foxconn has more than 30 factories in 9 production campuses in which more than 10,000 people work. The company earns more than $10 billion in revenue annually from this.
Karnataka state government in August announced that Foxconn planned to invest $600 million on two component factories in the southern Indian state. That included a plant that will make mechanical enclosures for iPhones and a semiconductor equipment manufacturing plant it will operate with Applied Materials Inc, the government said at the time.
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