Foxconn to invest $700 million in new plant in K'taka to ramp up local production, launches T-Works prototype facility in T'gana

According to a reportby Bloomberg that cites people familiar with the matter, Foxconn plans to make iPhoneparts on a 300-acre manufacturing plant that will be set up near the Bengaluru airport. At its new manufacturing facility, Foxconn is expected to assemble and produce iPhone parts locally and also work on its electric vehicle business.

NewsBharati 03-Mar-2023 15:47:47 PM

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Apple iPhone supplier Foxconn has announced its plans to invest over $700 million on a new manufacturing facility in Bengaluru, Karnataka. With growing tensions between the USA and China, the Taiwanese manufacturing gaint is looking at Indiato be its next manufacturing hub.

According to a reportby Bloomberg that cites people familiar with the matter, Foxconn plans to make iPhoneparts on a 300-acre manufacturing plant that will be set up near the Bengaluru airport. At its new manufacturing facility, Foxconn is expected to assemble and produce iPhone parts locally and also work on its electric vehicle business.

Foxconn's investment of $700 million is said to be its biggest ever outlay in India as the company plans to move its manufacturing outside of China. For India, Foxconn's latest investment is said to create over 100,000 jobs in India.

Foxconn announced investments in 3 Indian states namely Tamil Nadu, Karnataka, Telangana to set up manufacturing base.
— Indian Tech & Infra (@IndianTechGuide) March 3, 2023

Foxconn Chairman Young Liu is on a tour to India. He also inaugurated a hardware prototyping facility, T-Works which is said to be the largest such unit in Telangana, Hyderabad.

At the end of 2022, Foxconn faced disruptions in its production facilities in Zhengzhou, China due to COVID releated guidelines that were put in place which led Appleto rethink its dependance on China. This led to a shortage in the supply of iPhone 14 Pro and impacted sales in year end sales.

Foxconn already manufactures iPhoneslocally in Tamil Nadu and its latest round of investment is sure to boost local production backed by government's incentive scheme.