Amid production expansion in India, Foxconn announced a new investment plan. Whether the latest announcement is for mobile phones, EVs, or electronic component manufacturing remains to be seen.
According to a corporate filing to the Taiwan Stock Exchange, Foxconn said its Indian subsidiary, Foxconn Hon Hai Technology India Mega Development Private Limited, would invest INR12 billion (US$144.46 million) to build manufacturing facilities using its land, and the investment is for operational needs.
Although some Indian media reported the investment was for building a chip assembly and testing plant, Foxconn's corporate filing did not mention its semiconductor plans.
The announcement followed a series of Foxconn's investments in India. In November, Foxconn said its Indian subsidiary would invest INR128.21 billion to establish manufacturing facilities. In July, Foxconn said it had received equipment from Apple Operations Limited, as Foxconn has been ramping up production investments for mobile phones.
In mid-January, Young Liu, Foxconn's chairman, was conferred with the Padma Bhushan, one of India's highest honors civilians can receive. India's Ministry of Home Affairs said Liu was among the eight foreign nationals to be awarded for his contribution to the trade and industry area.
Foxconn has been making investments in various sectors in recent years. The company said it plans to set up EV manufacturing facilities in the South Asian country and formed a partnership with India-based HCL Group for their OSAT venture. Thanks to Apple suppliers, particularly Foxconn, India saw a surge in its electronics export value, and mobile phones accounted for half of the exports. According to the Economic Times, mobile phones made by Foxconn constituted nearly 70% of iPhones made in India in 2023.
