Foxconn to invest Rs 1200 crore in India for new plant

Foxconn, the world’s largest iPhone manufacturer, has invested Rs 1200 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. The move is to expand the growing semiconductor industry in India and Foxconn’s global manufacturing. The special thing is that Foxconn CEO Liu Young-way was recently honored with India’s prestigious Padma Bhushan award.

Foxconn Foxconn’s decision comes after a previous announcement in November 2023, where the company 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 continues to invest and partner with its expansion plans in India.

Apart from 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 the Kanchipuram district near Chennai with an investment of Rs 1,600 crore. The plant will complement Foxconn’s existing operations in India along with its iPhone assembly campus. These investments by Foxconn provide a significant boost to India’s ambitions to become a global hub for semiconductor and electronics manufacturing.