Foxconn to invest ₹75 billion in India 

New Delhi: – Foxconn, the company carrying out assembly work of assembling mobile phones for Apple, has planned an expansion of its project in the Indian state of Tamil Nadu. It is reported that the company will be making an investment of nearly ₹75 billion (USD 1 billion) in the project. Many companies are planning their exit from China, who is responsible for the Coronavirus pandemic. Apple too is thinking on similar lines, and therefore, Foxconn is considering project expansion in India.  

A trade war is raging between the United States and China since last year. The economic relations between the two countries were strained further in view of the Coronavirus pandemic. The US administration warned US companies to leave China. Thereafter, US companies are exploring other options to relocate their manufacturing bases. These companies are looking at India as a possible alternative. Apple has reportedly started winding up operations in China, and a possibility that Apple may shift its base to India also is being predicted.   

A news agency had reported, quoting sources, that Apple has requested the companies, manufacturing for Apple, to shift their facilities out of China. The Foxconn report confirms that the companies have started these moves. Foxconn is planning an expansion of its facility in Sriperumbudur near Chennai. It is reported, quoting sources, that Foxconn is planning to invest USD 1 billion in this Indian facility in the next three years.   

Currently, the model iPhone XR is being manufactured for Apple at the Sriperumbudur facility. But the other iPhone models are being produced by Foxconn at its facility in China. This increases the significance of Foxconn’s decision to expand the Indian project. Only last month, Foxconn’s chairman Liu Young-way said during the annual meeting of the company that the company will ramp up its investment in India.   

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