Hon Hai Precision Industry Co, popularly known as Foxconn, has announced plans to significantly expand its presence in India, unveiling an investment of NT$50 billion ($1.6 billion) dedicated to new construction projects. The disclosure, made through an exchange filing in Taiwan on November 27, cited the investment as necessary for “operational needs,” refraining from specifying the location or the nature of the new facilities.
This substantial investment follows a trend among Taiwanese electronics firms, including Foxconn, to diversify their operations away from China amid escalating tensions between Beijing and Washington.
Approximately half of Foxconn’s revenue stems from its collaboration with Apple Inc., involving the manufacturing of iPhones and other products. The company has been operating in India for several years and expanded its footprint with the production of the latest iPhone 15. In September, a Foxconn representative in India outlined plans to double the company’s business within the South Asian country.
The Karnataka government had earlier disclosed Foxconn’s intention to invest $600 million in two component factories within the state, including the manufacturing of mechanical enclosures for iPhones and a semiconductor equipment plant in collaboration with Applied Materials Inc.
This new investment is added to the existing $700 million facility, previously reported by Bloomberg News, to be erected on a 300-acre site near Bengaluru’s airport in Karnataka. While the purpose of the new investment remains undisclosed, it could potentially be directed towards these ongoing projects or toward further expansions.
Currently, Foxconn operates nine production campuses and over 30 factories across India, generating an annual revenue of around $10 billion and employing a substantial workforce. The latest investment reaffirms the company’s commitment to solidify and expand its foothold in India’s rapidly growing technology and manufacturing landscape.
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- Harshit Tokas is a Political Science and International Affairs Post-Graduate with a passion for understanding and analyzing complex political landscapes. Skilled in research, data analysis, and policy development. Eager to contribute his knowledge and insights to drive positive change.
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