Foxconn Announces $1.6 Billion Investment in New Construction Projects in India

• ByStartupStory     |    November 28, 2023

In a recent exchange filing in Taiwan, Hon Hai Precision Industry, commonly known as Foxconn, disclosed its plans to invest NT$50 billion (approximately $1.6 billion) in new construction projects in India. The announcement, made on Monday, cited the investment as necessary for “operational needs,” providing no further details. A Foxconn spokesperson declined to specify the location or the nature of the new facilities.

This move aligns with the ongoing trend of Taiwanese electronics manufacturers, including Foxconn, diversifying their operations beyond China amid escalating tensions between Washington and Beijing. Notably, nearly half of Foxconn’s revenue is derived from its business with Apple Inc. The company has been actively manufacturing iPhones and other products in India for several years, including the recently launched iPhone 15.

In September, a Foxconn representative based in India revealed on LinkedIn the company’s intention to double its business size in the South Asian country. Earlier, in August, the Karnataka state government in India announced Foxconn’s plan to invest $600 million in two component factories, encompassing the production of mechanical enclosures for iPhones and a semiconductor equipment manufacturing plant in collaboration with Applied Materials Inc.

These developments are in addition to Foxconn’s previously reported $700 million facility set to be established on a 300-acre site near the Bengaluru airport in Karnataka. While the specific focus of this new investment remains unclear, it is anticipated to contribute to existing projects or potentially fund additional endeavors. Foxconn presently operates nine production campuses and over 30 factories in India, generating an annual revenue of around $10 billion and employing tens of thousands of individuals.

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