Foxconn has been approved to invest an additional $1 billion in its Indian factory
Foxconn has been approved to invest at least $1 billion more in a factory it is building in India, which will produce Apple products. This is a significant move towards its goal of establishing a hub outside of China.
According to insiders, the world's largest iPhone assembler plans to spend an additional $1 billion in funds in addition to the $1.6 billion previously reserved for a 300 acre site near Bangalore Airport. The new funds will provide support for additional production capacity of Apple devices (possibly including iPhones).
Including recently approved expenses, Foxconn will invest approximately $2.7 billion in the factory, making it the core of manufacturing capabilities in India.
Foxconn, Apple's most important manufacturing partner, has increased the budget of the factory this year. The factory project was launched in early 2023, with plans to invest only $700 million to build a complex located in the southern technology center of Karnataka. Although the majority of the new investment is aimed at Apple, Foxconn may use some of the funds and factories to produce equipment and components such as electric vehicle parts for other customers.
The government of Karnataka stated that it has approved Foxconn's additional investment of 139.11 billion rupees (1.7 billion US dollars) in the region, but did not provide specific details.
Apple partners are intensifying their efforts to establish a supply chain in India. Another partner of Apple, Tata Group, is seeking to establish one of India's largest iPhone assembly plants in the southern state of Tamil Nadu.
The regulatory review of smartphone manufacturers such as Xiaomi and Vivo in India has also hindered some Chinese companies from conducting business in the world's second largest smartphone market.
Including recently approved expenses, Foxconn will invest approximately $2.7 billion in the factory, making it the core of manufacturing capabilities in India.
Foxconn, Apple's most important manufacturing partner, has increased the budget of the factory this year. The factory project was launched in early 2023, with plans to invest only $700 million to build a complex located in the southern technology center of Karnataka. Although the majority of the new investment is aimed at Apple, Foxconn may use some of the funds and factories to produce equipment and components such as electric vehicle parts for other customers.
The government of Karnataka stated that it has approved Foxconn's additional investment of 139.11 billion rupees (1.7 billion US dollars) in the region, but did not provide specific details.
Apple partners are intensifying their efforts to establish a supply chain in India. Another partner of Apple, Tata Group, is seeking to establish one of India's largest iPhone assembly plants in the southern state of Tamil Nadu.
The regulatory review of smartphone manufacturers such as Xiaomi and Vivo in India has also hindered some Chinese companies from conducting business in the world's second largest smartphone market.