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Foxconn, or Hon Hai Precision Industry Co., Ltd., is expanding its business to India as it looks to operate beyond China. The electronics contract manufacturer, also known to make Apple's iPhone smartphones, is reportedly investing $1.5 billion in this project.
The Taiwanese firm's investment is the latest development in carrying out its expansion plans as the largest contract manufacturer in the world. Foxconn revealed its new investment program during its recent stock exchange filing. However, the company provided no other details about its expansion to India and funding.
Foxconn to Build Its Facility in India to Fulfill Global Orders
Reuters reported that the firm is expanding rapidly to grow its presence further in the Indian market. To do more in the country, it will spend funds on building production facilities in the southern part of the region. Moreover, as its operations increase, Foxconn is also looking to hire more workers, double its workforce, and invest in the country. The aim is to implement this plan by next year.
The firm's chairman, Liu Young Way, previously said that its investments amounting to several billion dollars are only the beginning, suggesting that Foxconn has a lot of plans for its business here. In any case, Foxconn said that its latest investment of $1.5 billion for constructing a facility in India is a plan of action to fulfill its operational requirements as a supplier of Apple Inc.
Long-time supplier of Apple
As noted by CNBC, Foxconn Technology is one of Apple's major suppliers, and they have been partners for a long time. This is why the company is also adjusting to meet its demands. The expansion to India to build a new facility to make its products showed the company's dedication to its commitment to the American tech firm.
