Foxconn set to invest $1 billion in new Indian plant
Taiwanese electronics giant Foxconn has submitted an application to set up a semiconductor facility in Karnataka state, says India's Minister of State for Electronics and IT.
Rajeev Chandrasekhar confirmed on Wednesday that Foxconn has applied to the “modified scheme for setting up of semiconductor fabs in India”, which is part of India's programme to boost its domestic industry.
This is just the latest Foxconn move to reduce its reliance on Chinese operations, as its key customer Apple feels the pressure from the US government to cut ties with Beijing. Foxconn assembles around 70% of iPhones and is Apple's largest contract manufacturer.
In recent months, Foxconn has made a series of commitments to Indian manufacturing. At the start of December it said in security filings that it would invest more than USD 1.5 billion in an Indian construction project via its local subsidiary, Hon Hai Technology India Mega Development.
Previous to that Foxconn had announced multiple projects inside India, including a USD 600 million project in Karnataka state and a USD 500 million factory in Telangana state.
But other projects have stalled. In the summer, Foxconn pulled out of a USD 19.5 billion chipmaking joint venture with Indian mining giant Vedanta.
