Foxconn, the world’s largest electronics contract manufacturer and key supplier to Apple, has purchased a vast piece of land on the outskirts of Bengaluru in India. The move is part of the company’s strategy to diversify its production away from China and expand its global footprint.
According to reports, the Taiwanese company has bought 1,200 acres of land in the state of Karnataka, with plans to invest $1 billion over the next three years to establish a new plant that will manufacture electronics, including smartphones, televisions, and other devices. The plant is expected to generate around 12,000 jobs in the region.
Foxconn’s decision to invest in India comes at a time when the country is trying to attract foreign investment and boost its manufacturing capabilities as part of the government’s “Make in India” initiative. The move also reflects a broader trend among companies to diversify their supply chains amid geopolitical tensions and the Covid-19 pandemic.
This is not Foxconn’s first investment in India. The company already has two assembly plants in the country, where it manufactures iPhones for Apple. The new plant in Bengaluru will be the company’s third in India and is expected to contribute significantly to the country’s growing electronics manufacturing sector.
With this move, Foxconn joins a growing list of companies, including Samsung and Apple, that are looking to expand their manufacturing capabilities in India. The country’s vast population, low labour costs, and growing middle class make it an attractive destination for companies looking to establish a foothold in the region.
Overall, Foxconn’s investment in India is expected to create new opportunities for the country’s economy and help position it as a key player in the global electronics manufacturing industry.