Foxconn Chairman and CEO Young Liu visited India from February 27 to March 4, 2023, with the end of heightening hookups and exploring collaboration openings in new areas similar as semiconductor development and electric vehicles, according to a statement issued by the company. The statement added that Liu bandied with Indian Prime Minister Narendra Modi ways of perfecting India's tech and inventioneco-system. still, Foxconn denied entering into any list or definitive agreements for new investments during the visit.
Earlier reports indicated that Foxconn planned to invest $700 million in a new plant in the southern Indian state of Karnataka. Bloomberg News, citing unnamed sources, reported this news. The Chief Minister of Karnataka state, BasavarajS. Bommai, also twittered on Friday that Apple would be manufacturing iPhones at a new factory in the state, creating" about 100,000 jobs." The office of the Chief Minister of bordering Telangana state, Chandrashekar Rao, twittered that Liu had inked an agreement on Thursday to" set up electronics manufacturing installations."
Foxconn, still, clarified that accommodations and internal reviews were still ongoing, and no deals had been perfected during Liu's visit. Foxconn also said that the employment numbers reported didn't correspond to direct jobs with the company. Foxconn is the world's largest contract electronics manufacturer and a major assembler of Apple iPhones. Both Foxconn and Apple are seeking to
diversify down from China, where utmost of their manufacturing is located. Foxconn has been manufacturing Apple handsets in India since 2019 at its factory in the southern state of Tamil Nadu. Two other Taiwanese suppliers, Wistron and Pegatron, also manufacture and assemble Apple bias in India. Apple blazoned last September that it would manufacture its rearmost iPhone 14 in India, just weeks after launching the flagship model. Foxconn didn't give any farther details on its unborn investment plans in India.
