Head of the largest EMS in India under Foxconn reportedly to leave amid growth credits

Reportedly, Josh Foulger, the leader of Bharat FIH, India's largest EMS and a subsidiary of Foxconn, is set to depart from the company. He is credited with fostering the growth of Bharat FIH in India.

Bloomberg quoted sources saying that after nine years, Josh Foulger, Bharat FIH's country head and managing director, is leaving, and sources added that his departure is scheduled for the month. Details about his future plans are not immediately available.

Foulger worked for Nokia between March 2008 and March 2015, during which Nokia, the leader in the feature phone era, operated a handset manufacturing facility in the Nokia SEZ in Tamil Nadu. Foulger served as the country head and managing director at Bharat FIH after April 2015, when Foxconn incorporated Bharat FIH in India after deciding to shut down its Indian operations due to dwindling orders from Nokia.

Bharat FIH, Foxconn's Indian subsidiary, makes handsets and other consumer electronics for Xiaomi, Nokia, and others. The company filed for an IPO in India in 2021 to raise INR50 billion in capital. However, the IPO plan has yet to materialize. According to Bharat FIH's official document to file for IPO, it was the largest EMS provider in India, enjoying a 15% market share in the market in 2021.

During his tenure, Foulger helped expand Bharat FIH's expansions by first making Xiaomi's smartphones in India before expanding into more diversified areas, such as smart TVs and EV components. Bharat FIH also applied for incentives under several of India's Production Linked Incentive (PLI) schemes.

However, in recent years, Xiaomi's orders may have fallen due to tighter regulatory scrutiny from the Indian government and a premiumization in the smartphone market that negatively hit Xiaomi. Meanwhile, Xiaomi has been expanding its manufacturing partners beyond Bharat FIH, which has been adding customers in recent years.

Source: Foxconn, January 2024