Foxconn, renowned as a global contract electronics manufacturer and primary assembler of Apple's iPhones, will commit greater than $600 million to India with a phone production venture and a distinct semiconductor equipment facility. With India focused on bringing high-tech production to its territories, this move serves as an indication that Foxconn is seeking to diversify its business beyond China.
Foxconn, one of the world's largest contract electronics manufacturers, has pledged to invest more than $600 million in India for a phone casing component plant and a semiconductor equipment facility.The investments were announced by M B Patil, Karnataka's minister of commerce, who said the phone project will generate 12,000 job opportunities and the semiconductor facility 1,000. The Taiwanese firm and U.S. chipmaker Applied Materials are jointly behind the projects.Foxconn gained international fame for being the main assembler of Apple's iPhones, but the company has sought to diversify geographically and in terms of its products. It has also made attempts to enter the electric car and semiconductor manufacturing markets.These moves have been in line with Prime Minister Narendra Modi's efforts to establish India as a hub for advanced tech, in particular semiconductors. Last week, Modi presided over a semiconductor event featuring executives from major U.S. chipmakers, as well as Foxconn's chairman Young Liu. Companies announced investments in India, and Foxconn revealed its own planned investment of over $600 million in Karnataka. Foxconn declined to comment when contacted by CNBC, and Applied Materials was not available.
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