With business in India exceeding USD 10 billion by 2024, Foxconn chairman Young Liu’s visit included discussions on new projects in Southern India, looking at significant job creation and growth potential.
Foxconn’s business in India has surpassed USD 10 billion by 2024, according to Chairman Young Liu, during his recent visit to India. The company has invested USD 1.4 billion in the country so far.
Liu also stated India’s potential for significant growth, as the Padma Bhushan awardee revealed this information at the inauguration of a women-only residential complex near their manufacturing plant in Tamil Nadu.
Liu met with Prime Minister Modi and state leaders, discussed investments in Tamil Nadu, Karnataka, and Telangana, and addressed hiring practices and business growth concerns.
Foxconn, which has 48,000 employees in India, inaugurated a woman-only residential complex in Tamil Nadu, housing over 18,000 employees, built for Rs 7.06 billion.
Moreover, Foxconn is developing a 300-acre facility in Devanahalli, Karnataka, to assemble 20 million smartphones annually. After resolving land acquisition issues caused by local protests, the company is expected to begin production or preparatory activities later this year or early next year.
This visit is Liu’s first to Bengaluru since Foxconn signed an MoU with the state government last year. The state government initially approved a $1 billion investment in the factory, which Foxconn later raised to an additional $1.7 billion.
On Friday, Liu was welcomed at the airport by Industries Minister MB Patil and Electronics and State IT Minister Priyank Kharge.
The Commerce and Industries Department of Karnataka and other relevant agencies are working to secure all necessary licenses and plans for the project’s power and water supply.
In addition, the company is establishing a manufacturing and assembly facility for mechanical components used in electric vehicles, known as Project Cheetah. According to the Karnataka CM’s office, the company has leased private land in the Bengaluru district for this project.
During discussions with Liu, Chief Minister Siddaramaiah highlighted the significant employment opportunities the project would bring, including its potential to boost the local economy and empower the workforce. He assured commitment to assist Foxconn throughout the process.
The mobile manufacturing unit is projected to create 50,000 jobs in its first phase, with plans to double that number in the state over the next decade. This move is part of Foxconn’s ‘China plus one’ strategy to shift production away from China. Foxconn, along with Pegatron and Tata Electronics are a key supplier of Apple iPhone components in India.
