Mega-Expansion : In a strategic move that could reshape the global electronics manufacturing landscape, Foxconn Technology Group, renowned for its flagship unit Hon Hai Precision Industry Co., is doubling down on its investment and employment in India.
V Lee, a Foxconn representative in India, made the announcement in a heartfelt LinkedIn post, coinciding with the birthday of India’s Prime Minister, Narendra Modi. While specific details were not disclosed, Lee expressed the company’s commitment to Prime Minister Modi, stating, “We will work even harder to present you with a greater birthday gift next year, aiming for another doubling of employment, FDI, and business size in India.”
Mega-Expansion & Investment Plans
Foxconn’s investment plans include the development of a sprawling 300-acre site near the Bengaluru airport in Karnataka, the state’s capital. This state-of-the-art facility is expected to serve as a hub for assembling Apple iPhones, and it is anticipated to create around 100,000 job opportunities.
This ambitious expansion by Foxconn highlights a significant trend in global manufacturing. As tensions between Washington and Beijing continue to escalate, major companies are reevaluating their reliance on Chinese-based suppliers.
Apple and other prominent US brands are actively exploring alternative locations such as India and Vietnam. This shift in the global supply chain, expedited by the COVID-19 pandemic and the conflict in Ukraine, could potentially reshape the landscape of how electronics are produced worldwide.
Hon Hai Chairman, Young Liu, recently reiterated Foxconn’s commitment to expanding its presence in India. Currently operating nine production campuses and more than 30 factories employing tens of thousands of people, Foxconn generates approximately $10 billion in annual revenue from India. Liu emphasized the company’s eagerness to further its investments in the country.
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