News Brief
Karnataka: Foxconn To Invest Additional $1 Billion To Expand Production Capacity At Bengaluru Plant
A Foxconn plant. (Facebook)
In a strategic move to expand its manufacturing hub beyond China, Foxconn Technology Group has gained approval for an additional investment of at least $1 billion in its plant in Bengaluru, as reported by Deccan Herald.
The facility, set to manufacture Apple Inc. products, marks a significant ramp-up in Foxconn's commitment to building a robust production centre outside of China.
The world's largest assembler of iPhones initially allocated $1.6 billion for the 300-acre site near Bengaluru's airport.
However, sources familiar with the matter reveal that Foxconn now plans to inject an extra $1 billion into the project to bolster the manufacturing capacity for Apple devices, potentially including the iPhone.
With this latest investment, Foxconn's total budget for the Bengaluru site reaches approximately $2.7 billion, solidifying its role as a pivotal component of the company's manufacturing capabilities in India.
The move reflects the broader trend of manufacturing giants redirecting their capacities away from China amid economic challenges and escalating tensions with the United States.
While the bulk of the new investment is directed towards Apple, Foxconn is expected to leverage a portion of the funds and the plant for manufacturing devices and components, potentially including electric vehicle parts for other clients.
The move comes as Apple's partners intensify efforts to establish a robust supply chain in India, seizing opportunities as Chinese firms recalibrate their engagements with the country amidst geopolitical tensions.
Meanwhile, Tata conglomerate, another key Apple partner, is also seeking to establish one of India's largest iPhone assembly plants in Tamil Nadu.
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