Foxconn to invest $700 million in India, creating 1 lakh jobs

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IPhone assembler Foxconn Technology Group plans to invest $700 million on a plant in India to ramp up local production - Bloomberg reported citing sources. 

Qilai Shen | Bloomberg | Getty Images

According to the report, the company plans to build plant to make iPhone parts at the new site in Bengaluru. The 300-acre site will be reportedly near the Bengaluru airport. The factory is expected to assemble iPhone handsets and some parts of its nascent electric vehicle business.

The investment is believed to be Foxconn's single largest investment in India so far and may create over a lakh jobs. Currently, the company's complex in China employs over two lakh people in Zhengzhou. Apple was reportedy compelled to reconsider its operations in China after its production plunged due to COVID-19 disruptions.

India has reportedly offered incentives to Foxconn and other Apple suppliers in what is being viewed as Modi government's bid to offer India as an alternate production hub to China. 

The move may also be viewed against the backdrop of ongoing geopolitical tensions between China and the US over the shooting of a Chinese balloonover Atlantic.

Original Content

News18

Taiwanese electronics giant Foxconn will set up its manufacturing facility in Telangana, even as Hon Hai Technology Group (Foxconn) and the state government have signed an agreement. The plant will have an employment generation potential for over 1,00,000 people. 

Foxconn Chairman Young Liu on Thursday called on Telangana Chief Minister K Chandrashekar Rao. According to a statement by the Chief Minister’s Office, the “historic deal" has potential to generate employment to over one lakh people over a period of 10 years. According to a Bloomberg report, Apple Inc partner Foxconn Technology Group plans to invest about $700 million on a new plant in India to ramp up local production. 

The CM said his “government is on a mission to transform Telangana for better and has undertaken several marquee projects to realise the vision of Bangaru Telangana. Foxconn’s unit will help in generating large scale employment to youth and will help attract more such industries to the state". 

Rao emphasised that Telangana considers Taiwan as a natural partner and that the state is glad to be a part of Foxconn’s growth story.

Original Content

Manorama News

IPhone maker Foxconn is moving to set up more electronics manufacturing plants in Telangana and other regions. This is expected to create one lakh employment opportunities in the country. Foxconn Technology Group, which manufactures products for Apple, is trying to reduce manufacturing in its plants in China. All the plants in China are going to be shifted to India in the situation of tension in US-China conflict.

The Chief Minister of Telangana had said on Thursday that Foxconn will invest a huge sum in Telangana for an electronics manufacturing facility. Telangana IT Minister K.T. said that the investment will create 100,000 jobs in the state. Rama Rao said. The announcement was made following the earlier meeting with the Chief Minister of Telangana and Foxconn Chairman.

Taiwan-based Foxconn already has plants in Andhra Pradesh and Tamil Nadu. Apart from smartphone manufacturing, Foxconn also plans to manufacture parts for electric vehicles. Along with this, another Taiwanese company, Hon Hai Precision Industry, is also moving to set up a plant to manufacture iPhone parts on a 300-acre site near the Bengaluru airport.

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MoneyControl

The Karnataka government said on March 3 that Foxconn will invest in the state, and 300 acres near Bengaluru airport have been identified for the same. According to a report by Bloomberg, Foxconn is expected to invest $700 million in the state. 

This comes a day after the iPhone maker signed a similar MoU with Telangana, and it is expected to generate 1 lakh jobs in the neighboring state as well. Foxconn's push into India comes at a time when the company is experiencing severe disruptions in China due to Covid restrictions and protests. 

In a statement, the Karnataka government said this is a testimony to the state’s success in drawing investments to the state in the electronics manufacturing and assembly segment, with 300 acres identified in the Doddaballapura and Devanahalli taluks.

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