Taiwan-based Foxconn, the world’s leading electronics contract manufacturer, has unveiled plans for a substantial $1.5 billion investment in India, marking another strategic move in its ongoing expansion initiatives.
The announcement of this significant investment was made via a stock exchange filing, although specific details regarding the allocation of funds were not disclosed by the company.
Foxconn has been progressively bolstering its footprint in India, notably through investments in manufacturing facilities situated in the southern regions of the country. This recent commitment reaffirms the company’s dedication to enhancing its operations and market presence within India’s burgeoning tech landscape.
With aspirations to amplify its impact in the region, the contract manufacturer aims to double its workforce and escalate its investment in India by the following year, as stated by a company executive back in September. This strategic move underscores Foxconn’s commitment to scaling its operations and reinforcing its commitment to the Indian market.
During an earnings briefing in August, Foxconn’s Chairman, Liu Young-way, expressed optimism about India’s potential, emphasizing that the company views its initial investment of “several billion dollars” as just the outset of its endeavors within the Indian market, Reuters news report said.
