Foxconn allocates Rs 1,200 crore for new iPhone factory in India

07 Feb, 2024

Foxconn Allocates Rs 1,200 Crore For New IPhone Factory in India

Taiwanese multinational electronics contract manufacturing company, Foxconn, has recently disclosed its plans to invest a whopping Rs 1200 crore for the establishment of a new factory in India. The decision was formalized through a regulatory filing, marking a significant stride in Foxconn's strategic expansion initiatives within the Indian market. Notably, this new facility will be erected on land already owned by the conglomerate, indicating a deliberate move to capitalize on existing resources.

The substantial investment is attributed to Foxconn's imperative operational requirements, underscoring the necessity to sustain and enhance its business operations seamlessly. Reports from the preceding year hinted at Foxconn's intentions to channel over $1.5 billion into a construction venture in India, aligning with its overarching operational agenda. Funding for this extensive project emanated from Foxconn's subsidiary, Hon Hai Technology India Mega Development, reinforcing the conglomerate's steadfast commitment to bolstering its presence in the region.

Foxconn's trajectory of growth in India has been marked by decisive strategic partnerships and investments. Just recently, the conglomerate announced a collaboration with the HCL Group, earmarking $37.2 million towards establishing a state-of-the-art facility for chip packaging and testing in India. This development followed a previously envisaged partnership with the Vedanta Group, which unfortunately did not materialize as planned. Amidst these dynamics, Foxconn remains resolute in its pursuit of fortifying its foothold in the Indian market, leveraging strategic collaborations and substantial investments to propel its expansion endeavors forward.