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| Foxconn plans to double its operations in India. (Source: Reuters) |
In a post on LinkedIn on September 17, Mr. V Lee, Foxconn's representative in India, said that Foxconn plans to double the scale of operations in this South Asian country.
Mr. Lee said that under this plan, Foxconn will double the number of jobs, foreign direct investment (FDI) and business scale in the world's most populous country.
Foxconn’s planned investment, also known as the Hon Hai Precision Industry Co. plant, includes a 300-acre site near the airport in Bengaluru, the capital of Karnataka. The plant will assemble iPhones and is expected to create about 100,000 jobs.
Foxconn's expansion into India shows that China is at risk of losing its position as the world's largest consumer electronics maker.
Apple and other U.S. brands are looking to alternative locations to China-based suppliers such as India and Vietnam, a rethink of global supply chains that has emerged amid the pandemic and Russia-Ukraine tensions and could reshape how electronics are manufactured globally.
Earlier in August, Foxconn Chairman Young Liu revealed that the company is planning to invest “several billion dollars” more in India and start manufacturing key components for consumer electronics and some electric vehicle parts next year in Karnataka, Telangana and Tamil Nadu.
Mr. Liu also pointed out that since Foxconn entered India in 2005, its revenue, number of employees and investment scale have increased exponentially. Currently, the company is mainly engaged in the information and communication technology assembly business.
"In the future, Foxconn will actively deploy work in key departments to enhance competitiveness in India," Foxconn Chairman emphasized.
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