Foxconn’s 13K Crore Investment Boost in India: Doubling Jobs with Construction Projects
Taiwanese electronics manufacturing company Foxconn is set to invest over $1.6 billion, approximately 13,000 crores INR, in India. The company announced this during a Monday night exchange filing in Taiwan, stating that the funds will be used to create plans for construction projects, including operational necessities. Details on where and how the investment will be utilized beyond operational requirements have not been shared by Foxconn.
Foxconn to Provide Job Opportunities in India
Foxconn’s representative Wei Lee extended birthday wishes to Prime Minister Modi on his 73rd birthday and conveyed the company’s plans to offer job opportunities and contribute to India’s economic and business growth. On LinkedIn, Lee wrote, “Under your leadership, Foxconn has rapidly developed in India. With a goal to boost employment, FDI, and business, we look forward to giving you a grand birthday present this year.”
Foxconn to Employ 40,000 People in Tamil Nadu Plant
According to media reports, Foxconn’s plant in Tamil Nadu currently employs around 40,000 people. Reuters reported last year that Foxconn plans to hire 53,000 more people over the next two years for various job roles.
Foxconn Part of Indian Government’s PLI Scheme
Apple’s three contract manufacturers—Foxconn, Wistron, and Pegatron—are part of the Indian government’s Production-Linked Incentive (PLI) scheme worth INR 41,000 crores. This scheme has contributed to the increased production of iPhones in India. The Indian government initiated the PLI scheme in 2020 to encourage local production and provide incentives to companies from foreign countries.
Apple’s Manufacturing Shift from China to India
Due to increasing geopolitical tensions and the impact of the COVID-19 pandemic, Apple has been shifting its manufacturing from China to India. Beyond Apple, other American tech giants are also exploring and expanding their production facilities outside China to diversify their supply chain.
Foxconn to Establish Mobile Component Plant in Kancheepuram
Foxconn is set to establish a mobile component plant in Kancheepuram, Tamil Nadu. The Hon Hai Technology Group (Foxconn) signed a Letter of Intent (LOI) with the state government two months ago for the plant, which will be located near Foxconn’s current iPhone plant in Sriperumbudur. The plant is expected to cost 16 billion INR.
Foxconn Seeks to Establish 4-5 Semiconductor Plants in India
Foxconn is reportedly seeking to establish 4-5 semiconductor chip manufacturing units in India. After breaking its alliance with Vedanta, Foxconn reached out to the Ministry of Electronics and Information Technology a day later to share its interest in electronics and information technology.
