Foxconn’s Mega Move: Secures Approval for ₹8,000 Crore Investment in India, Primed for Apple Product Manufacturing
Taiwanese electronics manufacturing company Foxconn Technology Group has received approval to invest $1 billion (approximately ₹8,000 crores) in its Apple India plant. The company plans to use these funds for the production of components for Apple products.
In a recent development, Foxconn has made a significant stride in its efforts to establish a manufacturing hub outside of China. The company had recently announced investments totaling $1.6 billion (around ₹13,000 crores) in India. With this latest approval, Foxconn’s total investment in India has now surpassed ₹22,000 crores.
Foxconn Plans to Expand Presence in India
Foxconn, the global electronics manufacturing company that produces nearly 70% of iPhones worldwide, has been significantly expanding its presence in India in recent years. The company recently announced a plan to invest $600 million in Karnataka, India, as part of its strategy to bolster manufacturing of iPhones and chips in the country.
Foxconn’s Commitment to India
The company has expressed its commitment to create employment opportunities in India and contribute to the country’s economy. Foxconn’s representative, Vei Lee, sent birthday wishes to Prime Minister Modi and mentioned that Foxconn plans to create more jobs and boost its investments in India.
Expanding Workforce and Investments
Foxconn aims to increase its workforce and investment footprint in India, aligning with Prime Minister Modi’s vision for job creation, foreign direct investment (FDI), and business growth. The company’s leadership has conveyed its commitment to making substantial contributions to India’s employment sector and economic development.
Foxconn Employs 40,000 Workers in Tamil Nadu Plant
According to media reports, Foxconn currently employs around 40,000 people at its plant in Tamil Nadu. This comes as part of Foxconn’s broader strategy to enhance its workforce in India. Reuters reported earlier this year that Foxconn plans to hire an additional 53,000 workers over the next two years.
Foxconn’s Contribution to India’s Growth
Foxconn, along with other Apple contract manufacturers like Wistron and Pegatron, is part of the Indian government’s Production-Linked Incentive (PLI) scheme, involving an investment of INR 41,000 crores.
The PLI scheme aims to boost local manufacturing and create job opportunities, aligning with India’s broader economic development goals. Foxconn’s significant employment numbers in Tamil Nadu contribute to the success of this initiative.
The expansion of Foxconn’s workforce in India reflects the company’s commitment to participating in the country’s growth and strengthening its manufacturing capabilities.
