Apple’s biggest supplier Foxconn, which is working by setting up several plants in India, is talking about doubling its investment in India in the next one year. A top executive of Foxconn has said that they are going to increase their investment and the number of jobs in India by 100 percent. Foxconn, the world’s largest contract manufacturer, has planned to double its investment and number of staff by playing a big bet on India.
The company is going to invest 600 million dollars in a year only in Karnataka. As part of its ambitious plan to shift its business from China to India, Foxconn has decided to play a big bet on India.
The number of Foxconn staff in India is around 40 thousand. Foxconn is also seriously working on setting up a chip factory in India. Companies around the world are surprised to see the growth rate of India’s economy. To take advantage of India’s increasing GDP growth and shift its manufacturing country from China, Foxconn has decided to play a big bet on India.
Foxconn has revealed this plan on the birthday of Prime Minister Narendra Modi. Foxconn has said that under the China Plus One strategy, it is seriously working on increasing the number of its manufacturing plants in India.
Due to increasing tension between China and America, FoxConn’s shift to India has increased. Foxconn representative in India Wei Li said in a LinkedIn post that the company is going to double the business in India.
Foxconn company’s investment plans also include a 300-acre site in Bangalore, in which iPhones are likely to be assembled. This plant is expected to provide jobs to about 100,000 people.
Apple and other American brands want their Chinese suppliers to start doing business in alternative places like India, Indonesia and Vietnam. Liu said the company is in the early stages of further expansion in the country, which could pick up pace over the next year.