Taiwanese company Foxconn announced its intention to invest INR 1200 crore in constructing a new factory in India, utilizing land already in its possession, according to a PTI report. This disclosure came through a regulatory filing, highlighting the firm’s commitment to meeting its operational requirements by allocating these funds.
Last year, there were reports indicating Foxconn’s plans to invest over $1.5 billion in an Indian construction project, similarly aimed at fulfilling its operational needs. Funding for this endeavor was facilitated by a segment of Foxconn known as Hon Hai Technology India Mega Development.
Foxconn’s presence in India has been steadily expanding. Just recently, it announced a collaboration with the HCL Group, earmarking $37.2 million for establishing a facility dedicated to chip packaging and testing. This initiative followed the cancellation of a proposed partnership with the Vedanta Group.
The company, renowned as the world’s largest assembler of iPhones and other electronics, is strategically expanding in India amidst growing geopolitical tensions and economic uncertainties affecting its primary operations in China.
Foxconn has reportedly emerged as a leading manufacturer of iPhones in India, responsible for 68 percent of total production, with Pegatron and Wistron [Tata] accounting for 18 percent and 14 percent, respectively.
