Foxconn to invest 1 Billion USD to setup manufacturing in India

Foxconn, the world’s largest electronics manufacturing services provider had announced its plan to invest One Billion USD to setup a manufacturing unit in India recently.

This step comes amid the announcement of Apple and other mobile device makers to shift their manufacturing away from China by gradually shifting to other countries for their sourcing needs. As per announcement, the plant would be setup in Sriperumbur in Tamil Nadu state.

Establishment of this unit is being planned to be done over a period of 3 years and on top of it, it would add 6000 Jobs at this plant.

One of the Foxconn's Factory in Hungary

Government of India has been doing a significant push to ramp up manufacturing units in India and has been seeking interests from Investors on the same. Few months back Government introduced its Production Linked Incentive (PLI) scheme for Electronics Manufacturers which is being perceived well by Smartphone makers in India.

Foxconn is a Taiwanese MNC headquartered in Tucheng, New Taipei City, Taiwan. It is involved with electronics contract manufacturing for many American, Canadian, Chinese, Finnish and Japanese Electronics Companies. Few products it manufactured in the past include Apple iPhone, iPad, iPod, Xiaomi, Xbox, Playstation, Kindle, etc. It is involved with manufacturing of 40% consumer electronics sold around the globe.

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