Foxconn, the world’s largest contract electronics manufacturer, announced on Thursday that its Singapore company had paid $500 million for 4.08 million shares in Foxconn Hon Hai Technology India Mega Development Private Limited (~ INR 100 crore). The business is planning to boost the production of its Telangana plant in the country. This news came after the disputes happened over the Foxconn unit in China. Anyway, this would generate as many as 53,000 new employees and that could be great news for both the country and local people.

After Reuters reported last month that Foxconn, an Apple supplier, planned to quadruple the workforce at its iPhone factory in India over the course of two years, two government officials with knowledge of the matter pointed to a production adjustment as it faces disruptions in China as the reason behind the $500 million infusion into its India unit. According to insiders, Foxconn intends to hire 53,000 more workers over the next two years, bringing the total number of employees at its plant in southern India up to 70,000.

Foxconn

According to a government source, the company informed Tamil Nadu officials of its plans to step up hiring at the Indian facility as a result of disruptions in China. Meanwhile, a person in Taiwan with knowledge of the situation claimed that Foxconn was expanding its operations in India to boost its capacity for entry-level models and to satisfy Indian demand. Foxconn announced on Thursday that the factory had relaxed its “closed-loop” management limits. The company made headlines in recent weeks for implementing tight COVID-19 controls at its Zhengzhou production in China, which led to worker dissatisfaction.

By 2025, according to JPMorgan analysts, Apple may produce one out of every four iPhones in India as the tech giant shifts some of its manufacturing away from China due to rising geopolitical tensions and tight COVID-19 lockdowns in that nation. According to reports, Pegatron, a Taiwanese contract manufacturer for Apple, started building the new iPhone 14 in India last month. Both Foxconn and Pegatron manufacture Apple’s newest iPhone 14 in India; Foxconn started doing it in September.

Source/Via

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