Apple assembler Foxconn to invest $1.6 billion in Indian expansion

The logo of electronics contract manufacturer Foxconn Technology Group, formally known as Hon Hai Precision Industry, is displayed at its headquarters in Taipei. Photo: Agence France-Presse

Foxconn Technology Group, also known as Hon Hai Precision Industry Co, a partner of Apple Inc, intends to double its investment and workforce in India. The company will invest $1.6 billion in building new plants in India and hire up to 10,000 workers for its new facilities.

The move is part of a broader trend of manufacturing relocating from China amid escalating tensions between Washington and Beijing. Hon Hai is the world’s largest contract electronics manufacturer and its decision to expand in India is a major vote of confidence in the country’s economy.

India has been working to attract foreign investment in its manufacturing sector and Hon Hai’s move is a significant boost for those efforts. The company’s new plants are expected to produce a range of electronic products, including smartphones, laptops, and servers.

The investment is expected to generate a substantial economic impact in India, creating thousands of new jobs and boosting the country’s electronics manufacturing sector. Hon Hai’s decision to expand in India is a positive development for both the company and the country.

Jane Lanhee Lee for Bloomberg News:
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Hon Hai Precision Industry Co. plans to expand its footprint in India with another NT$50 billion ($1.6 billion) investment for construction projects.

The announcement, made in an exchange filing in Taiwan late Monday, didn’t give any further details, saying only that the investment was for “operational needs.” A spokesperson for the company declined to say where the new facilities would be or what they would build.

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MacDailyNews Take: As we wrote back in March 2023, “The CCP’s lunacy is India’s gain.”
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