Foxconn Technology Group, Apple’s main supplier, plans to increase its investment in the southern Indian state of Karnataka to more than $1.2 billion (about Rs 9,877 crore) and add two parts factories there to steadily expand business diversification , to reduce U.S. economic risks and technological sanctions.
At least one of the factories the Taiwanese company plans to build in Karnataka will produce Apple components, including iPhone components, people familiar with the matter said. A formal announcement is expected as early as this week, people familiar with the matter said. The person declined to be named because the matter has not been made public. The second plant will also be located in Karnataka, but its exact location is yet to be decided.
Foxconn plans to spend $700 million (approximately Rs. 5,760 crore) to build a facility on a 300-acre site near the Bangalore airport in the capital Bangalore, in addition to spending $500 million (approximately Rs. 4,115 crore) to build two complexes. According to previous reports by Bloomberg, Karnataka. The factory, which may assemble iPhones, is expected to create about 100,000 jobs.
The additional factories will bring Apple partners’ expected new spending in India to more than $1.2 billion, a huge sum for a Taiwanese company that has traditionally assembled the vast majority of its devices for Apple and other U.S. brands in central and southern China. expenses.
Foxconn’s move in India underscores how the South Asian country is quickly becoming a popular destination for manufacturers looking for alternatives to China amid rising tensions between Washington and Beijing. It’s also the result of a shift in global supply chains that has accelerated during the COVID-19 pandemic and the war in Ukraine and could reshape how electronics are made.
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