Foxconn, the world’s largest contract manufacturer of electronics and a major supplier for Apple, is planning to significantly expand its presence in India. The Taiwan-based company has been rapidly increasing its investments and manufacturing capabilities in India as part of its strategy to diversify away from China.
V Lee, Foxconn’s representative in India, announced on LinkedIn that the company is aiming to double its workforce, foreign direct investment (FDI), and overall business size in India by the next year. While specific details were not provided, this indicates Foxconn’s strong commitment to the Indian market.
Foxconn already operates an iPhone manufacturing facility in the state of Tamil Nadu, employing around 40,000 people. Additionally, in August, the state of Karnataka revealed that Foxconn would be investing $600 million in two projects within the state. These projects are focused on producing casing components for iPhones and chip-making equipment.
Foxconn’s Chairman, Liu Young-way, emphasized the immense potential that India holds for the company during an earnings briefing the previous month. He suggested that several billion dollars in investment is just the beginning of Foxconn’s plans for the Indian market.
This expansion in India aligns with Foxconn’s broader strategy of diversifying its manufacturing locations, reducing its dependence on China, and tapping into the growing Indian consumer electronics market. With its ambitious plans to double its workforce and investment in India, Foxconn is positioning itself as a significant player in India’s evolving electronics manufacturing landscape, which could have far-reaching implications for the global tech industry.
