Foxconn, the producer of iPhones, intends to invest $1.6 billion in expanding into India

 Foxconn, the producer of iPhones, intends to invest $1.6 billion in expanding into India

Foxconn currently employs thousands of people in India, where it has nine industrial complexes and over thirty plants, generating over $10 billion in sales yearly.

Business with Apple Inc. accounts for around half of Foxconn's revenue. For a number of years, the firm has been producing iPhones and other goods in India, including the most recent iPhone 15. Hon Hai Precision Industry Co., also known as Foxconn, the company behind the Bloomberg iPhone, intends to increase its presence in India by investing an additional NT$50 billion ($1.6 billion) in manufacturing projects.

The announcement—which was issued late on November 27 in a Taiwanese exchange filing—did not include any more information beyond the statement that the investment was for "operational needs." The location and kind of the new facilities were not disclosed by a corporate representative.

As tensions between Beijing and Washington increase, Hon Hai and other Taiwanese electronics manufacturers are expanding their operations outside of China.

Business with Apple Inc. accounts for around half of Foxconn's revenue. For a number of years, the firm has been producing iPhones and other goods in India, including the most recent iPhone 15. A Foxconn spokesperson in India said on LinkedIn in September that the Taiwanese corporation intends to expand the scale of its operations in the nation of South Asia.

August saw the announcement by the Karnataka government that Foxconn intended to spend $600 million in two component plants located in the southern Indian state of Karnataka. The government said at the time that they included a factory that would manufacture mechanical enclosures for iPhones as well as a semiconductor device manufacturing plant that would be run in conjunction with Applied Materials Inc.

These two initiatives are situated atop a $700 million building. As previously reported by Bloomberg News, Foxconn intends to construct on a 300-acre (121-hectare) plot of land close to the airport in Bengaluru, the capital of Karnataka. It is possible that the iPhone may be assembled at that site.

It was not immediately apparent whether those projects or other initiatives were intended to be included by the most recent funding announcement.

Foxconn currently employs thousands of people in India, where it has nine industrial complexes and over thirty plants, generating over $10 billion in sales yearly.