Foxconn Plans to Invest Over $1.5 Billion in India; Chinese Engineers Sent to Train Workers This Year: Reports

Foxconn’s multi-billion-dollar investment in India is expected to be executed through its Hon Hai Technology India Mega Development subsidiary in the country.

Apple supplier Foxconn will invest over $1.5 billion (roughly Rs. 12,500 crore) in India as the company looks to expand production of Apple’s iPhone in the country, according to a report. The move comes a year after the Taiwanese firm’s factories in China were negatively impacted by the country’s strict COVID-19 restrictions in 2022. The company also reportedly flew Chinese engineers to India in order to train workers at its factory to improve efficiency earlier this year.

CNBC reports that Foxconn will invest more than $1.5 billion (roughly Rs. 12,500 crore) to be budgeted for a “construction project to fulfil operational needs” of the company in the country, according to security filings. The multi-crore investment will be made via its subsidiary Hon Hai Technology India Mega Development, as per the report.

Foxconn’s representative in India said in September that the company was aiming to double its investment and workforce in India by 2024 as the firm looks to diversify its production outside China. The iPhone assembler was severely impacted last year when Chinese lockdowns related to the coronavirus pandemic affected production and output for weeks.