Report suggests that Foxconn has refuted the existence of a formal commitment regarding their new investment in India
- ByStartupStory | March 4, 2023
According to the news agency AFP, Foxconn has stated that it did not make any binding or conclusive agreements for its new investment in India during the visit of its chairman. The company released a statement that confirmed this information.
Foxconn, a significant assembler of Apple iPhones, has rejected the figures reported in the media and denied discussing any such amounts. The reports claimed that the company was planning to invest $700 million in constructing an iPhone component factory in Karnataka, India.
In a statement, Foxconn stated that it is still in the process of negotiations and conducting internal reviews and that it has not disclosed any financial investment figures to the media.
The Chief Minister of Karnataka, Basavaraj Bommai, had announced that the state government had reached an agreement with Foxconn for a significant investment in the state.
The Chief Minister of Karnataka, Basavaraj Bommai, took to Twitter to reveal that “Foxconn, a prominent electronics company, had signed an agreement to make a substantial investment in the state, following detailed talks with the company’s chairman, Young Liu. The investment is expected to create around 100,000 employment opportunities, and 300 acres of land situated close to Bengaluru International Airport have been assigned for the purpose”.
Additionally, the Telangana government also made an announcement about finalizing a deal with Foxconn for investments in their state.
During the period of February 27 to March 4, the Chairman of Foxconn, Young Liu, visited India with the purpose of seeking cooperation in emerging fields such as electric vehicles (EVs) and semiconductors, as mentioned in his official statement.
In a statement, Young Liu, the Chairman of Foxconn, stated that “his recent visit to India aimed at expanding partnerships, exploring new opportunities, and strengthening ties with old acquaintances, especially in emerging fields such as electric vehicles and semiconductor development”. He also affirmed “Foxconn’s commitment to work closely with local authorities to pursue mutually beneficial development opportunities for the company and its stakeholders”.
With China implementing strict measures such as a zero-COVID policy, Apple’s contract manufacturers like Foxconn, Wistron, and Pegatron, are increasingly turning their attention towards India. As global corporations continue to shift their supply chains away from China, they are looking to insulate themselves from any potential future shocks, leading to a surge in focus on India.
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