News Brief
Foxconn To Invest Over $1.5 Billion In India To Expand iPhone Production, Aims To Double Workforce By 2024: Report
Foxconn aims to double its investment and workforce in India by 2024.
Foxconn, a key Apple supplier, is reportedly set to invest over $1.5 billion (approximately Rs 12,500 crore) in India to expand the production of Apple's iPhone.
This significant move follows disruptions faced by Foxconn's Chinese factories due to strict Covid-19 restrictions in 2022.
As per an NDTV report, Foxconn's investment will be channeled through its subsidiary, Hon Hai Technology India Mega Development, for a construction project aimed at meeting the operational requirements of the company in India.
Last year, Foxconn experienced significant challenges when Chinese lockdowns, prompted by the Covid-19 pandemic, impacted production and output for an extended period.
To counter such vulnerabilities, the company has been actively exploring avenues to diversify its manufacturing base.
In line with this strategy, Foxconn aims to double its investment and workforce in India by 2024, as indicated by its representative in India in September.
The company has been proactively taking steps to enhance production capabilities, including flying Chinese engineers to India to train local workers at its factory for improved efficiency.
The iPhone assembler, currently employing around 40,000 people at its iPhone factory in Tamil Nadu, has ambitious plans for its Indian operations.
Foxconn reportedly intends to manufacture iPhone 15 units in India, aligning with global launches, thereby reducing dependence on its Chinese facilities.
While Foxconn has achieved high efficiency levels in China, its Indian plant faced challenges such as a higher ratio of defective units and increased material costs, impacting profits.
Foxconn will compete with the Tata Group, which recently completed the acquisition of Wistron's Indian unit.
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