Foxconn to invest more in India by 2024

Foxconn, a major Apple iPhone supplier, has unveiled ambitious plans to significantly expand its presence and operations in India by 2024, according to the company’s India representative, V Lee. This strategic initiative encompasses doubling its employment figures, foreign direct investment (FDI), and overall business footprint within the Indian subcontinent.

In a LinkedIn post, Lee conveyed these intentions while extending birthday wishes to Prime Minister Narendra Modi, acknowledging the pivotal role of his leadership in facilitating Foxconn’s growth within India. “Under your leadership, Foxconn has experienced seamless and rapid expansion in India. We are committed to redoubling our efforts to present you with an even more substantial gift next year, with the objective of doubling employment, FDI, and our business footprint in India,” Lee’s post stated.

This announcement comes in the wake of Young Liu, Chairman of Hon Hai Technology Group, Foxconn’s parent company, highlighting the extraordinary growth Foxconn has achieved since its entry into the Indian market in 2005. Liu, in the company’s second-quarter earnings report, mentioned plans to extend operations into additional Indian states, such as Karnataka and Telangana, alongside its existing presence in Andhra Pradesh and Tamil Nadu.

To realise these expansion objectives, Hon Hai Technology Group intends to collaborate closely with both central and local governments. The company seeks to establish industrial parks and enhance the overall business environment by addressing critical aspects like infrastructure, policies, and legal frameworks. Liu also emphasised a strategic shift towards focusing on key components to bolster Foxconn’s competitive edge within the Indian market, beyond its existing role in ICT final assembly.

Foxconn’s commitment to enhancing its manufacturing capabilities in India was underscored in May when its Indian subsidiary acquired a substantial 300-acre land parcel on the outskirts of Bengaluru, India’s tech hub. This acquisition aims to significantly increase the production capacity of iPhones in the region, aligning with the Karnataka government’s approval of a ₹8,000-crore investment proposal by the Taiwanese electronics giant.

While navigating its expansion trajectory, Foxconn recently discontinued its collaboration with mining giant Vedanta to explore semiconductor opportunities, with the intention of submitting an application related to the government’s Modified Programme for Semiconductors and Display Fab Ecosystem. The decision was attributed to various challenges, including the pace of progress and external issues unrelated to the project.

Foxconn remains steadfast in its commitment to investing in India, despite the complexities of establishing fabs in a new geography. The company reaffirmed its unwavering support for the Indian government’s “Make In India” initiatives and its dedication to fostering diverse local partnerships aligned with stakeholder needs. This pledge underscores Foxconn’s enduring commitment to bolstering its presence in India’s dynamic and rapidly evolving tech landscape.

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