Foxconn Technology Co. Ltd. signed an agreement to invest in India’s southern Telangana state to manufacture electronics, as the Apple Inc. supplier looks to pivot beyond China.
(Bloomberg) — Foxconn Technology Co. Ltd. signed an agreement to invest in India’s southern Telangana state to manufacture electronics, as the Apple Inc. supplier looks to pivot beyond China.
The announcement follows a meeting between Foxconn Chairman Young Liu and Telangana chief minister K Chandrasekhar Rao. Liu, who is on a tour of India, also met with Prime Minister Narendra Modi earlier this week.
Foxconn’s investment is the largest in India’s electronics sector and will create 100,000 jobs, Rao’s office said.
The state government and Foxconn didn’t disclose the size of the contract manufacturer’s investment or specify products that it would make in the state.
Modi’s flagship local manufacturing drive and financial incentives have led Apple suppliers Foxconn, Wistron Corp. and Pegatron Corp. to ramp up in the country.
Foxconn especially is looking to diversify beyond China where a Covid-19 flare-up disrupted its biggest iPhone plant. The company is also rapidly diversifying into higher margin products such as electric vehicles and their components.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.