iPhone Maker, Foxconn, To Invest $600m Into Phone And Chip Project In India

Taiwanese electronics giant Foxconn is making substantial investments in India, totalling more than $600 million, to bolster its phone manufacturing capabilities and establish a semiconductor equipment facility. According to the government of the state of Karnataka, Foxconn will invest over $360 million in a phone casing component plant and approximately $240 million in the semiconductor equipment manufacturing project.

These ventures are expected to have a positive impact on employment, with the phone manufacturing project creating opportunities for 12,000 people, while the semiconductor facility is anticipated to generate employment for 1,000 individuals.

While Foxconn is renowned for being Apple‘s primary assembler for iPhones and operates the world’s largest iPhone factory in China, it is actively seeking to diversify both geographically and in its product portfolio. India has emerged as a key target for Foxconn’s expansion efforts, given the country’s push to attract high-tech manufacturing. Furthermore, the company is exploring opportunities beyond consumer electronics, including electric car manufacturing and semiconductor production, although its attempts to enter the latter domain have faced challenges.

Earlier, Foxconn had partnered with Indian conglomerate Vedanta to establish a semiconductor and display production plant in India through a $19.5 billion joint venture. However, the company withdrew from the venture last month.

India, under the leadership of Prime Minister Narendra Modi, has actively positioned itself as a hub for advanced technology, especially in the semiconductor sector. The country’s efforts in this area were highlighted during a recent semiconductor event attended by senior executives from prominent U.S. chip firms, including Applied Materials and AMD. Foxconn’s chairman, Young Liu, was also present during the event and expressed praise for India’s potential, signalling the company’s continued commitment to investing in the country’s growth as a technology and manufacturing powerhouse.