Hon Hai Technology Group(Foxconn) plans to develop industrial parks and optimise the business environment with respect to policies and infrastructure.
The Chairman of the company, Mr Young Liu, mentioned that the company entered the Indian market in 2005, and since then, they have grown in terms of revenue, number of employee and investment exponentially.
While announcing the financial results of the second quarter of 2023, he said, “At present, it is mainly engaged in the ICT final assembly business. Going forward, Hon Hai will actively deploy work in the area of key components to raise its competitiveness in India.”
The iPhone maker already has setups in Andhra Pradesh and Tamil Nadu but now they are expanding their infrastructure in Karnataka, Telangana and other states. Mr Liy added that “Through close cooperation with central and local governments, Hon Hai will plan to establish industrial parks and optimize the business environment in terms of infrastructure, policies and laws.”
Recently, Foxconn and the Karnataka government signed a Letter of Intent(LOI) to invest an estimated 50 Billion Rupees and create 13,000 jobs in the process. These projects are an addition to their iPhone end assembly plant in the outskirts of Bengaluru with the investment of around 140 Billion Rupees. Last month, the Taiwanese electronics giant plans another component manufacturing facility in Tamil Nadus’ Kancheepuram district at an expense of 16 Billion Rupees. These exponentially high figures in terms of investment certainly mean that the tech giants see the scope and opportunity for growth in India.
