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Taiwan's Foxconn to invest 'billions' in India expansion push
Foxconn currently has nine campuses in India, including more than 30 factories and roughly 20 dormitories for tens of thousands of employees
Taiwanese tech giant and key Apple supplier Foxconn said Monday it sees the potential to invest "several billion dollars" in India, with the firm looking to diversify its manufacturing away from China.
Foxconn -- also known by its official name Hon Hai Precision Industry -- is the world's biggest contract electronics manufacturer and assembles devices for many companies, most notably Apple's iPhones.
It operates in more than two dozen countries but the bulk of its operations is based in China -- a dependence it is looking to reduce, with media reports of major investments in India.
"From the perspective of India's potential market size and if we can fully implement our plans there, I think several billion dollars in investment is only a beginning," Foxconn chairman Young Liu said when asked during an earnings call if the firm planned to invest $2 billion in India.
Foxconn in May announced the purchase of a huge tract of land on the outskirts of Indian tech hub Bengaluru for $37 million.
It currently operates about nine production campuses and has more than 30 factories in India, with "turnover of business size of roughly $10 billion annually", according to Liu.
The company is planning to expand its India operations to "critical components" for consumer electronics and electric vehicles to boost its competitiveness, he said, without giving more details.
"Shipping (for critical components) will probably have to wait till next year but this year, relevant constructions have started," Liu said, adding the operations will take place in three states in India.
Foxconn currently has nine campuses in India, including more than 30 factories and roughly 20 dormitories for tens of thousands of employees
Taiwanese tech giant and key Apple supplier Foxconn said Monday it sees the potential to invest "several billion dollars" in India, with the firm looking to diversify its manufacturing away from China.
Foxconn -- also known by its official name Hon Hai Precision Industry -- is the world's biggest contract electronics manufacturer and assembles devices for many companies, most notably Apple's iPhones.
It operates in more than two dozen countries but the bulk of its operations is based in China -- a dependence it is looking to reduce, with media reports of major investments in India.
"From the perspective of India's potential market size and if we can fully implement our plans there, I think several billion dollars in investment is only a beginning," Foxconn chairman Young Liu said when asked during an earnings call if the firm planned to invest $2 billion in India.
Foxconn in May announced the purchase of a huge tract of land on the outskirts of Indian tech hub Bengaluru for $37 million.
It currently operates about nine production campuses and has more than 30 factories in India, with "turnover of business size of roughly $10 billion annually", according to Liu.
The company is planning to expand its India operations to "critical components" for consumer electronics and electric vehicles to boost its competitiveness, he said, without giving more details.
"Shipping (for critical components) will probably have to wait till next year but this year, relevant constructions have started," Liu said, adding the operations will take place in three states in India.
Foxconn boss sees potential to invest billions in India
Foxconn -- also known by its official name Hon Hai Precision Industry -- is the world's biggest contract electronics manufacturer and assembles devices for many companies, most notably Apple's iPhones.
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Taiwan's Foxconn to invest 'billions' in India expansion push
Key iPhone assembler says full-year sales will decline amid slow PC and server recovery
asia.nikkei.com