Foxconn’s representative in India unveiled aims to double the size of its business in the country, with its investment and number of employees to increase 100 per cent, as its gears up its local infrastructure to shift more assembly out of China.
In a LinkedIn post sending Prime Minister Narendra Modi birthday greetings, V Lee stated the contract manufacturer – used by Apple – is “aiming for another doubling of employment, FDI and business size in India.” He didn’t provide details on the contract manufacturer’s plans.
Apple started manufacturing iPhones via Foxconn in the country in 2017. The smartphone giant noted 7 per cent of iPhones were assembled in India at end-March.
Various news outlets reported the Apple supplier planned to invest an additional $500 million in two component factories in the state of Karnatakam, following plans disclosed in June to build a $700 million iPhone assembly plant in Bengaluru, the state capital of Karnataka.
India’s government awarded INR450 billion in incentives in 2020 to domestic and international electronics companies, including Foxconn.