Foxconn, the iPhone Maker, Plans to Build a Rs 1200 cr Factory in India

Taiwan-based manufacturing giant, Foxconn, has declared plans to invest INR 1200 crore in the construction of a substantial new facility in India, according to its regulatory filings. This investment, earmarked for operational requirements, is expected to bolster Apple's production of India-made products.

This follows a report from the previous year indicating Foxconn's intention to allocate over $1.5 billion towards a construction venture in India. The funding for this project, also intended for operational purposes, was provided by Foxconn's subsidiary, Hon Hai Technology India Mega Development.

Foxconn also collaborates with Xiaomi to produce its devices in India. The company operates a large iPhone factory in Tamil Nadu, which facilitated the simultaneous launch of the iPhone 15 series in both India and the US - a first for Apple.

Recently, Apple announced record-breaking sales in India, primarily driven by the iPhone. Market research firm, Counterpoint Research, reported that Apple's shipments in India have surpassed the 10 million mark. As of October, Apple was on the brink of achieving $10 billion in annual revenue from India. In 2023, Apple also inaugurated its first company-owned retail stores - Apple BKC in Mumbai and Apple Saket in New Delhi, which were graced by the presence of CEO Tim Cook.

Foxconn has played a significant role in Apple's journey in India. The company also plans to invest $37.2 million in a partnership with the HCL Group to establish a facility for packaging and testing semiconductors. Previously, Foxconn was in discussions with the Vedanta group for a similar project and had even signed an MOU, but the deal eventually fell through.