Foxconn plans a US$3.5 bil. investment in India: report
Taiwan’s Foxconn Technology Group ( ), a major supplier to Apple Inc., has plans to invest US$3.5 billion in India in the coming years to produce a wide range of electronic devices, Indian daily the Business Standard reported.
“We’re looking at a US$3.5 billion investment in India in the next two to three years. This would span across smartphones, software, TVs and other electronics,” the English- language newspaper quoted Foxconn Vice President Josh Fougler as saying.
Fougler revealed the investment plan in a meeting with N. Chandrababu Naidu, chief minister of the Indian state of Andhra Pradesh, who was on the second day of a visit to China, the report said.
China is home to most of Foxconn’s 1.3 million employees. With the rising wages of Chinese employees, the company is looking to control costs by moving the production of electronic devices to other markets where the devices are sold.
The latest report followed an- other one by the Economic Times on April 11 that Foxconn will soon invest in three new production units in India that could be used in part to assemble iPhones for Apple.
Foxconn is planning production facilities in Gujarat and Uttar Pradesh provinces and a trial unit geared toward R&D and new product development in Andhra Pradesh, the newspaper quoted an unidentified source as saying.
The Business Standard also reported that representatives of Chinese low- cost smartphone maker Xiaomi Inc. ( ), a client of Foxconn, also shared their Indian investment plans with Naidu.
Xiaomi executives told Naidu they intend to build “a working relationship” with India and Andhra Pradesh after Naidu promised them support in obtaining land and a reliable power supply.
A spokesman for Foxconn, also known as Hon Hai Precision Industry Co. ( ) in Taiwan, told CNA on Tuesday that the company would respond later after learning more about the report.