Apple Supplier Foxconn Earmarks $500M To Set Up Manufacturing Plant In India

Apple Inc AAPL supplier Hon Hai Precision Industry Co Ltd HNHPF Foxconn proposes to invest $500 million to set up manufacturing plants in the southern Indian state of Telangana.
Foxconn's investment will create 25,000 jobs in the first phase, the state's IT minister K. T. Rama Rao, tweeted on Monday.
Foxconn, which already manufactures iPhones in India, bagged a deal to manufacture the AirPods in India in 2023.
It also bought land worth $37 million in Bengaluru in May, TechCrunch reports.
Indian government's financial incentives to boost local manufacturing attracted commitments from Foxconn, Wistron Corp WICOF, and Pegatron Corp PGTRF.
Apple, which launched its first two retail stores in India in April, could expand its iPhone manufacturing capacity in India to produce 25% of all iPhones by 2025, according to JP Morgan.
The growing interest from Apple's manufacturing partners coincides with the iPhone maker's attempts to expand its manufacturing infrastructure beyond China.
Price Action: AAPL shares traded higher by 0.34% at $173.16 premarket on the last check Monday.
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