Apple iPhone maker Foxconn to invest $1.5 billion in India as it looks to build beyond China
Taiwan-based Foxconn Technology, a major manufacturing partner for Apple, is reportedly set to invest $1.5 billion in India for operational needs, according to Taiwanese security filings. The investment was made through Hon Hai Technology India Mega Development, a Foxconn subsidiary registered in Maharashtra since 2015.
While Foxconn has not provided details on the investment plans, the move aligns with Apple’s efforts to expand its manufacturing capabilities and market presence in India. Over the past few years, Apple has made strides in assembling iPhones in India, with Foxconn playing a key role in the process.
The collaboration between Foxconn and Apple in India focuses on the local manufacturing of Apple devices to comply with the Indian government’s “Make in India” initiative, encouraging foreign companies to produce goods within the country.
India’s lower labor costs compared to China, along with government incentives such as tax breaks and subsidies, have motivated Apple to shift production to India. The strategic partnership not only benefits Apple’s global supply chain but also supports India’s ambition to become a major hub for electronics manufacturing.
This move is part of Apple’s broader strategy to diversify its production beyond China, reducing risks associated with geopolitical tensions and taking advantage of lower manufacturing costs in India. The significant investment by Foxconn highlights the growing importance of India in Apple’s manufacturing ecosystem.