Foxconn, renowned as the largest iPhone manufacturer and a major supplier to global tech firms, is significantly expanding its presence in India with a new investment of Rs. 1,200 crore ($150 million) to establish a chip assembly and testing plant in partnership with the HCL Group.

This move aims to tap into the burgeoning semiconductor industry in India and expand Foxconn’s global manufacturing reach. Interestingly, Foxconn CEO Liu Young-Way was recently awarded India’s prestigious Padma Bhushan award.

Foxconn

Foxconn’s Strategic Investment in India’s Tech Sector

This latest investment comes on the heels of a previous announcement in November 2023, where Foxconn committed more than $1.6 billion through its subsidiary, Hon Hai Technology India Mega Development, for a similar initiative. Although Foxconn faced challenges, such as ending its joint venture with the Vedanta Group, the company remains committed to its India expansion plans, as evidenced by its continued investments and partnerships in the country.

In addition to these investments, Foxconn has been working closely with the Indian government and local partners to enhance its manufacturing capabilities. Last month, it announced a $37.2 million investment with the HCL Group for a chip packaging and testing facility, following the termination of its partnership with Vedanta.

Foxconn has also partnered with the Tamil Nadu government to establish a new electronic components facility in the Kancheepuram district near Chennai, with an investment of Rs 1600 crore. This facility is set to complement Foxconn’s existing operations in India, including its iPhone assembly campus.

These investments by Foxconn are a significant boost to India’s ambitions to become a global center for semiconductor and electronics manufacturing. They also demonstrate Foxconn’s confidence in the potential of the Indian market.

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