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Magadh Today - Beyond Headlines > Latest News > Business > Foxconn adds $1 billion to investment in giant Apple India plant
Business

Foxconn adds $1 billion to investment in giant Apple India plant

Gulshan Kumar
Last updated: 2023/12/13 at 4:46 PM
By Gulshan Kumar 2 years ago
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In a significant development, Foxconn Technology Group, the world’s leading assembler of iPhones, has received approval for an additional investment of at least $1 billion in its Apple-centric manufacturing plant in India. This substantial infusion comes on top of the initial $1.6 billion earmarked for the 300-acre facility located near Bengaluru’s airport, signifying a major ramp-up in Foxconn’s efforts to establish a robust manufacturing hub beyond China.

The primary objective of this added investment is to enhance the plant’s capacity, particularly for Apple devices, with speculation pointing towards the production of iPhones. The cumulative investment in the site will now reach approximately $2.7 billion, underlining Foxconn’s strategic realignment away from China, a move driven by economic downturns and geopolitical tensions.

Foxconn, a pivotal manufacturing partner for Apple, has adjusted its budget for the Indian plant multiple times throughout the year. What initially started as a $700 million investment in early 2023 has undergone successive increments to meet the escalating demand for Apple products. Beyond catering to Apple, Foxconn is likely to leverage a portion of the new funds and the facility to manufacture devices and components, potentially including electric vehicle parts, for other clients.

The recent approval by the Karnataka government solidifies Foxconn’s commitment to India, with an additional investment of INR 139.11 billion ($1.7 billion), though specific details were not disclosed. This fresh infusion positions the plant as a critical component of Foxconn’s manufacturing capabilities in India, serving as a central hub for its diversified production outside of China.

Notably, representatives from Foxconn and Apple have refrained from providing comments on this development. The move aligns with Apple’s broader strategy of establishing a resilient supply chain in India, capitalizing on the shifting landscape as some Chinese companies recalibrate their operations amidst geopolitical tensions. This strategic investment reflects the continued efforts of Apple’s partners to establish a robust manufacturing ecosystem in India.

By Bloomberg

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