Apple partner Foxconn Technology plans to invest about $US700 million ($1 billion) on a new plant in India to ramp up local production.
| Apple partner Foxconn Technology plans to invest about $US700 million on a new plant in India to ramp up local production, people familiar with the matter said, underscoring anThe Taiwanese company, also known for its flagship unit Hon Hai Precision Industry, plans to build the plant to make iPhone parts on a 121-hectare site close to the airport in Bangalore, India’s IT capital in the country’s south, according to the people, who asked not to be named as the information is not public.
The investment is one of Foxconn’s biggest single outlays to date in India and underscores how China’s at risk of losing its status as. Apple and other US brands are leaning on their Chinese-based suppliers to explore alternative locations such as India and Vietnam. Output at the Zhengzhou plant plunged ahead of the year-end holidays due to COVID-related disruptions, spurring Apple to re-examine its China-reliant supply chain. Foxconn’s decision is the latest move that suggests suppliers may move capacity out of China far faster than expected.
Apple declined to comment. Hon Hai, whose Chairman Young Liu met India’s Prime Minister Narendra Modi this week, did not immediately respond to an email seeking comment. The Karnataka state government also did not immediately respond. Mr Liu, who is on tour in India, has committed to another manufacturing project in the neighbouring Telangana state.
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