Foxconn, a major contract electronics manufacturer, is set to invest over $600 million in India. The investment will be divided between a phone manufacturing project and a semiconductor equipment facility. According to M B Patil, Karnataka’s minister of commerce, Foxconn and US chip company Applied Materials have committed to investing more than $360 million in a phone casing component plant and $240 million in a semiconductor equipment manufacturing project.
The phone project is expected to create job opportunities for 12,000 people, while the semiconductor facility will generate employment for 1,000 individuals. This move is a part of Foxconn’s efforts to diversify its geographical presence and expand its product portfolio beyond iPhones, for which it is known as the main assembler. While Foxconn currently operates primarily in China, the company has been keen on expanding its operations in India, which has been actively encouraging high-tech manufacturing.
In addition to its expansion into India, Foxconn has also been exploring opportunities in the electric car manufacturing industry and semiconductor manufacturing. Although a $19.5 billion joint venture with Indian conglomerate Vedanta for a semiconductor and display production plant was previously agreed upon, Foxconn pulled out of the venture recently.
Prime Minister Narendra Modi’s government has been positioning India as a hub for advanced technology, particularly in semiconductors. The Prime Minister himself attended a semiconductor event where executives from US chip companies such as Applied Materials and AMD were present. Young Liu, the chairman of Foxconn, was also in attendance, praising India’s potential and announcing investments.
While Foxconn declined to comment on its investment in Karnataka, it is evident that the company sees India as a promising market for its continued growth.
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