Apple iPhone supplier Foxconn to pour $1.5 billion into Indian manufacturing

Foxconn Technology Group, a multinational electronics contract manufacturing company known for supplying components to various OEMs, has attracted attention with recent developments in its production landscape.

In its latest initiative, Foxconn is set to expand its production capabilities with a substantial investment of $1.54 billion in India, reflecting its continued commitment to growth in the South Asian market .

According to TechCrunchFoxconn said the investment aims to achieve its “operational needs“This move aligns with Foxconn’s broader expansion plan, announced two months ago, which includes doubling its workforce and investments in India by the following year.

Foxconn’s collaboration extends to many technology companies, including Apple, for whom it already assembles devices in Indian factories. The strategic move is part of a broader industry trend, dubbed “China+1,” in which tech giants are seeking to diversify their manufacturing base by integrating India into their production processes.

As a major supplier to Apple, Foxconn plays a vital role in manufacturing iPhones, including the latest iPhone 15 series. The investment in India signifies a change in focus, as Foxconn’s expansion into China experienced notable growth between 2001 and 2017, but slowed after 2018 due to trade tensions between the United States and China.

Foxconn has already pitched several projects in India, such as a $600 million initiative in Karnataka and a $500 million factory in Telangana state. This increased focus on India, coupled with Apple’s diversification strategy, raises the prospect of doubling iPhone production in India by 2024.

In recent years, India has become a major player in high-tech manufacturing and assembly, attracting major players like Apple, in a bid to reduce its dependence on China. This realignment echoes the Indian government’s desire to support local manufacturing and technology sectors.