Foxconn plotted to up its investments in India as it shifts work out of China, with Bloomberg reporting the company will spend an additional $500 million on two component factories in the state of Karnataka.
Bloomberg stated one plant is likely to make components for iPhones.
In early June, Reuters reported Foxconn unveiled plans to build a $700 million iPhone assembly plant in Bengaluru, the state capital of Karnataka.
Foxconn’s shifts out of China goes beyond India: in June, chair Young Liu said it is targeting additional investment in Vietnam and Mexico to diversify its supply chain.
It received clearance from Vietnam authorities to invest $246 million in factories to assemble telecoms and vehicle equipment.