Foxconn Technology, the maker of the iPhone and the biggest supplier of Apple, is also now looking for opportunities outside China and is visible on India. Foxconn has tied up to set up an electronics manufacturing facility in Telangana.
1 lakh jobs will be created
In this connection, a meeting was held between Foxconn Chairman Young Liu and Telangana Chief Minister K Chandrasekhar Rao, after which the deal was announced. Liu, who is visiting India, had also met Prime Minister Narendra Modi earlier this week.
Telangana Chief Minister K Chandrasekhar Rao’s office was told about the deal that it would create 1 lakh jobs, making Foxconn’s investment the largest in India’s electronics sector.
$700 million investment!
While the state government and Foxconn did not reveal the details of the deal, they did not say how big the investment would be or what electronic products would be made at the state-run facility. People with knowledge of the matter say that Foxconn is going to invest $700 million on manufacturing plants in India.
Foxconn worried about China
Foxconn is specifically looking for a market other than China, due to the Kovid-19 restrictions in China, there were a lot of problems in the iPhone plants, production and sales also fell. On the other hand, the company is also facing losses due to the long-standing trade war between America and China.
The company is also going to try its hand at other high margin products like electric vehicles and its components.
Prime Minister Narendra Modi has laid a lot of emphasis on the campaign to promote local manufacturing as well as financial incentives. Because of which Apple’s supplier Foxconn, Wistron Corp and Pegatron Corp have increased their investment in the country.