Foxconn moves further away from China, set to invest additional $1.7 bn in Karnataka | Tech News

Foxconn moves further away from China, set to invest additional $1.7 bn in Karnataka

Apple supplier Foxconn plans to invest an additional 139.11 billion rupees ($1.67 billion) in India's Karnataka state, the state government said in a statement on Tuesday.

By:REUTERS
| Updated on: Dec 13 2023, 07:25 IST
Foxconn to Work With China
Foxconn plans to invest in India's Karnataka state. (Reuters)
Foxconn to Work With China
Foxconn plans to invest in India's Karnataka state. (Reuters)

Apple supplier Foxconn plans to invest an additional 139.11 billion rupees ($1.67 billion) in India's Karnataka state, the state government said in a statement on Tuesday.

The Taiwan-based company, which assembles around 70% of iPhones and is the world's largest contract manufacturer, has been diversifying production away from China following COVID-19 disruptions and geopolitical tensions.

It has rapidly expanded its presence in India over the past year by investing heavily in manufacturing facilities in the south of the country.

In Karnataka state itself, the company announced in August an investment of $600 million in two projects to make casing components for iPhones and chip-making equipment.

Foxconn is also expected to start manufacturing iPhones in the southern state by April 2024 - a project expected to create around 50,000 jobs.

The government did not elaborate on the latest plans for the additional investment in Karnataka, and Foxconn did not immediately respond to an email seeking comment.

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First Published Date: 13 Dec, 07:24 IST
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