Hon Hai Precision Industry Co., the world’s largest contract electronics maker, is planning to announce details of its US$5 billion investment plan to expand production facilities in India this year.
Hon Hai, known as Foxconn outside Taiwan, indicated that it plans to start working on the investment plan this year. However, a timetable is not provided.
Hon Hai had previously failed to discuss its plans after announcing in 2015 a plan to invest US$5 billion on a new manufacturing facility in the state of Maharashtra over the next five years.
The progress made by Hon Hai toward increasing its presence in the country has attracted great attention from Indian media outlets.
Foxconn Chairman Terry Gou has previously said that the company aims to develop 10-12 facilities in India by 2020 and plans to work with its Indian partners on the roll out of online services, mobile Internet, e-commerce and renewable energy projects.
Foxconn intends to make India a key global manufacturing hub servicing markets across Africa and West Asia, which could result in an inflow of billions of dollars.
Currently, the company has operations in Sri City, Andhra Pradesh, Sriperumbudur in Tamil Nadu and Navi Mumbai in Maharashtra .
By Baishakhi Dutta
