Foxconn seeks ‘several billion dollars investment’ in India

TAIWANESE tech giant and key Apple supplier Foxconn said on Monday (14) it sees the potential to invest “several billion dollars” in India, with the firm looking to diversify its manufacturing away from China.

Foxconn – also known by its official name Hon Hai Precision Industry – is the world’s biggest contract electronics manufacturing and assembles devices for many companies, most notably Apple’s iPhones.

It operates in more than two dozen countries, but the bulk of its operations is based in China - a dependence it is looking to reduce, with media reports of major investments in India.

“From the perspective of India’s potential market size and if we can fully implement our plans there, I think several billion dollars in investment is only a beginning,” Foxconn chairman Young Liu said when asked during an earnings call if the firm planned to invest $2 billion (£1.57bn) in India.

Foxconn in May announced the purchase of a huge tract of land on the outskirts of Indian tech hub Bengaluru for $37 million (£29m).

It currently operates about nine production campuses and has more than 30 factories in India, with “turnover of business size of roughly $10bn (£7.87) annually”, according to Liu.

The company is planning to expand its India operations to “critical components” for consumer electronics and electric vehicles to boost its competitiveness, he said, without giving more details.