Foxconn plans to invest $1 bn in India – Shifting iPhone production facility from China
15 August 2020: Foxconn (Hon Hai Technology Group) is reported to have chalked out a plan to invest USD1 billion to enhance its manufacturing facility in India, following a reported strong request from Apple. The investment will create over 6,000 jobs in the next three years.
Foxconn manufactures electronic products for major American, Canadian, Chinese, Finnish and Japanese companies. Notable products manufactured by Foxconn include the BlackBerry, iPad, iPhone 11, iPod, Kindle, Nintendo 3DS, Nokia devices, Xiaomi devices, PlayStation 3, PlayStation 4, Wii U, Xbox 360, Xbox One, and several CPU sockets, including the TR4 CPU socket on some motherboards. As of 2012, Foxconn factories manufactured an estimated 40% of all consumer electronics sold worldwide.
The group has a presence in over 20 countries; currently, it has 30 per cent of production outside of China, up from 25 per cent one year ago. The company is eyeing several new locations, including India, Vietnam, Mexico, Brazil, and the United States.
Hon Hai Precision Industry Co., Ltd. was incorporated as a company limited by shares under the provisions of the Company Act of the Republic of China (R.O.C.). The Company and its subsidiaries are primarily engaged in the manufacture, sales and service of connectors, case, thermal module, wired/wireless communication products, optical products, power supply modules, and assemblies for use in the IT, communications, automotive equipment, precision moulding, automobile, and consumer electronics industries.
Hon Hai Technology Group (Foxconn) continues to focus on its core service of delivering smart technology solutions to customers. Through Innovative Integrated Design and Manufacturing (IIDM) services, it offers smart manufacturing solutions, providing the supply chain with integrated software and hardware options for its global customers.
Foxconn assembles the iPhone for Apple. Foxconn’s will invest in the Sriperumbur plant, where Apple’s iPhone XR is made. With India’s labour cheaper and the gradual expansion of its supplier base here, Apple will be able to use India as an export hub.
Hon Hai Precision Industry Co., Ltd., trading as Foxconn Technology Group and better known as Foxconn, is a Taiwanese multinational electronics contract manufacturer with its headquarters in Tucheng, New Taipei City, Taiwan. It is the world’s largest provider of electronics manufacturing services and the third-largest technology company by revenue.