April 14, 2015: Taiwan’s Foxconn Technology Group, a prime supplier to Apple Inc., is planning to invest US$3.5 billion in India in the following years to manufacture an array of electronic devices, Business Standard reported on Monday.
“We’re looking at a US$3.5 billion investment in India in the next two to three years. This would span across smartphones, software, TVs and other electronics,” BS quoted Foxconn Vice President Josh Fougler as saying.
Fougler spoke about the investment plan in a meeting with chief minister of Andra Pradesh N Chandrababu Naidu, who was on the second day of a visit to China, said the report.
Foxconn’s 1.3 million employees are based in China. With the increasing wages of Chinese employees, the firm is planning to take control of costs by moving the manufacture of electronic devices to various other markets where the devices are being sold.