Foxconn, the Taiwanese electronics manufacturer, has announced its intention to seek Indian partners to collaborate in the areas of semiconductor development and electric vehicles. The company, which is well-known for manufacturing Apple’s iPhones, has been looking to expand its operations in India after experiencing severe supply disruptions in China last year. Foxconn’s Chairman and CEO, Young Liu, stated that India’s large population provides ample opportunities to deepen partnerships and seek cooperation in new areas.
During his visit to India, Liu met with Prime Minister Narendra Modi and communicated the company’s desire to work closely with local governments to seek the most beneficial development opportunities for all stakeholders. Although Liu did not disclose any specific investment spending during his trip, it was reported that Foxconn had announced a major deal in the southern Indian state of Karnataka, which will generate 100,000 jobs over the next 10 years. The investment promotion office of Karnataka also stated that Foxconn had been allocated 300 acres of land for a facility in the state.
See also: iPhone contract manufacturer Foxconn wants to make Tesla electric vehicles
According to Bloomberg, the electronics manufacturer is planning to invest approximately $700 million on a new plant in Bengaluru, the capital of Karnataka, to produce iPhone parts. The move comes as India emerges as a potential alternative to China for companies like Apple, with one of India’s top ministers, Piyush Goyal, stating that the tech giant wants to increase its production in the country to a quarter of its overall total from between 5% and 7% currently.
Foxconn already has factories in the states of Andhra Pradesh and Tamil Nadu and is now expanding into other areas such as electric vehicles. As the company seeks to deepen partnerships and expand its operations in India, its latest move demonstrates its commitment to exploring new opportunities in the region.
