Foxconn Plans To Double Workforce, Investment In India Within A Year

Apple Inc. AAPL supplier, Foxconn, is planning to double its workforce and investment in India by next year, according to a company executive.

As per Reuters, the announcement was made on Sunday by Foxconn's representative in India, V Lee. The Taiwan-based firm, the largest contract electronics manufacturer in the world, has been rapidly expanding its presence in India, particularly in the southern region. This move is seen as part of the company's strategy to shift away from China.

See Also: Apple Set For Selling 'Made In India' iPhone 15 on Launch Day

V Lee shared this ambitious goal in a LinkedIn post commemorating Indian Prime Minister Narendra Modi's 73rd birthday, although he did not provide further details. Foxconn currently runs a factory that manufactures iPhones in the state of Tamil Nadu that employs 40,000 people.

The state of Karnataka in August announced that Foxconn would be investing $600 million in two projects aimed at manufacturing casing components for iPhones and equipment for chip-making, Reuters reported. According to Foxconn's Chairman Liu Young-way, this multi-billion dollar investment is just the beginning of the company's expansion in India.

Read Next: Is Apple Losing Its Spark? Recent Sales Figures Suggest So.

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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