Foxconn to invest more than $1.57bn in India
Taiwan-based Foxconn, the world’s largest electronics maker, has just made a huge vote of confidence in Indian manufacturing.
The firm said in security filings that it will invest more than USD 1.5 billion in an Indian construction project to fulfill the operational needs of its biggest customer: Apple. The investment was made via Foxconn's local subsidiary, Hon Hai Technology India Mega Development.
This is a the latest chapter in an on-off relationship between Foxconn and India. Foxconn and its customers are looking to reduce their reliance on Chinese suppliers, and India is a good alternative. Indeed, Foxconn has already announced multiple projects inside India, including a USD 600 million project in Karnataka state and a USD 500 million factory in Telangana state.
But others have stalled. In the summer, Foxconn pulled out of a USD 19.5 billion chipmaking joint venture with Indian mining giant Vedanta.