Foxconn To Make An Investment Of $1 Billion In India, Creating 6,000 Jobs

Harin - Jul 13, 2020


Foxconn To Make An Investment Of $1 Billion In India, Creating 6,000 Jobs

Reportedly, Taiwanese electronics firm Foxconn is planning to make an investment of up to $1 billion in India, creating 6,000 jobs.

For quite some time, Apple has been trying to shift its production away from China. Reportedly, Taiwanese electronics firm Foxconn is planning to make an investment of up to $1 billion in India. Foxconn is Apple’s contract manufacturer that is in charge of putting together iPhone models.

Apple is said to be active on its plan to move its iPhone production outside of China to avoid the interference of the ongoing trade ware between the U.S and China. Neither Foxconn nor Apple has confirmed the development.

Foxconn
Apple is said to be active on its plan to move its iPhone production outside of China.

Reuters state that an investment of $1 billion will be made to the Sriperumbur plant in Chennai, Tamil Nadu. This is where Foxconn produces iPhone XR for Apple. The facility will soon start making other iPhone variants too.

Liu Young-Way, Foxconn Chief has hinted the investment before, confirming investments in India but without giving details. Sources say that the investment will be made in a three-year period, creating around 6,000 jobs.

Wistron Corp, another Apple iPhone’ producer has also announced its plan to expand its base in India by opening a new plant to produce more Apple devices.

Foxconn 2
Sources say that the investment will be made in a three-year period, creating around 6,000 jobs.

By shifting its production to India, the prices of Apple iPhones will become reportedly cheaper with a slash on the import taxes. Moreover, the company can take advantage of the country’s affordable labor.

Incentives are being offered to apple by the Indian government to expand its bases in the country. Through a $6.65 billion plan, the government has offered incentives to five global smartphone makers.

Samsung has also confirmed its production expansion in its largest mobile factory in the world in Noida.

>>> Apple's Biggest Supplier Foxconn Pulled Out Of A $5 Billion Investment Plan In India

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