Foxconn: Foxconn announced to invest 1.5 billion dollars in India, the company said this on ‘Make in India’

Foxconn, a major manufacturing partner of iPhone maker Apple, plans to invest $1.54 billion in India after boosting revenues in the South Asian market. Foxconn said in a filing to the stock exchange in Taiwan that this investment will help it meet its operating needs. The announcement of this investment comes two months after the Taiwanese company made public its plan to double its workforce and investment in India by next year.

Foxconn works with many tech giants including Apple

Foxconn works with many well-known tech giants including Apple for manufacturing. The company is working towards strengthening plants in India as many tech giants want to shift a part of their manufacturing to India. Experts consider this to be a part of the China Plus One policy.

After China, the company is now focusing on manufacturing activities in India

Foxconn, which is the largest EMS (Electronic Manufacturing Services) provider globally. The company invested extensively in China between 2001 and 2017, although this has slowed down since 2018 after increasing trade tensions between the US and China. Foxconn, which operates three manufacturing complexes in India, had earlier this year pulled out of its $19.5 billion chipmaking joint venture with Vedanta. However, the company had said that it will continue its work in India and is confident about India’s ambitions.

The company said- support to Make in India will continue

The company has said, “Starting afresh in a new place is a challenge, but Foxconn is committed to investing in India. We have been working on such challenges since the 1980s. Foxconn is a part of the Government of India’s ‘Make We will continue to strongly support In India’s ambitions and address the needs of stakeholders.” Last August, Foxconn had announced an investment of $600 million in two projects in Karnataka to manufacture chip-tools and casing components for the iPhone.