Apple supplier Foxconn plans to double its workforce and investments in India by next year, an executive said on Sunday.
Taiwan-based Foxconn, the world’s largest electronics contract manufacturer, has rapidly expanded its presence in India by investing in manufacturing facilities in southern India as it seeks to move away from China.
V Lee, Foxconn’s representative in India, said in a LinkedIn post to mark Prime Minister Narendra Modi’s 73rd birthday that the company “aims to bring jobs, foreign direct investment (FDI) to India” FDI) and business size to double again” next year.
He gave no further details.
Foxconn already has an iPhone factory in Tamil Nadu with 40,000 employees.
In August, Karnataka said Foxconn would invest $600 million in two projects in the state to produce iPhone case components and chip manufacturing equipment.
Around $350 million (approximately Rs. 2,890 crore) will be used to set up an iPhone components unit that will create 12,000 jobs, while Foxconn will collaborate with Applied Materials on a $250 million (approximately Rs. 2,064 crore) chip manufacturing project. The government said last month that tools.
The company also plans to invest Rs. The campus will be built in Kancheepuram district near the Tamil Nadu capital of Chennai at a cost of 16 billion rupees ($194.45 million).
The company’s chairman Liu Yongwei said at last month’s earnings conference that he saw huge potential in India, adding: “Billions of dollars of investment are just the beginning”.
Foxconn reported a 1% drop in second-quarter net profit as global economic woes hurt demand for smart consumer electronics. The Taiwanese company said net profit fell to NT$33 billion (roughly Rs. 8,578 crore) in the April-June quarter from a revised NT$33.29 billion (roughly Rs. 8,654 crore) in the same period last year.
© Thomson Reuters 2023
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