Wednesday, February 21, 2024

iPhone maker Foxconn will invest Rs 1200 crore in India, will set up a new plant

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Foxconn, the world’s largest iPhone maker, has invested Rs 1,200 crore to expand in India. The company has taken this decision to set up a chip assembly and testing plant in partnership with HCL Group. This move aims to support the growing semiconductor industry in India and Foxconn’s global manufacturing expansion. The special thing is that Foxconn CEO Liu Young-wei was recently honored with India’s prestigious Padma Bhushan award.

Foxconn This decision comes after the previous announcement in November 2023, where the company had announced an investment of over $1.6 billion through its subsidiary Hon Hai Technology India Mega Development for a similar move. Although Foxconn has ended its joint venture with Vedanta Group, it is continuing to invest and partner with its expansion plans in India.

In addition to this investment, Foxconn is working closely with the Indian government and local partners to expand its manufacturing capabilities. The company had announced an investment of $37.2 million for a chip packaging and testing facility in partnership with HCL Group, ending its partnership with Vedanta Group.

Foxconn has also partnered with the Tamil Nadu government to set up an electronics component plant in Kanchipuram district near Chennai with an investment of Rs 1600 crore. The plant will complement Foxconn’s existing operations with an iPhone assembly campus in India. These investments by Foxconn provide a significant boost to India’s ambitions to become a global center for semiconductor and electronics manufacturing.

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