Foxconn has no manufacturing units in India, and only assembles smartphones and other devices in the country. However, that may change pretty soon, as Foxconn’s manufacturing division is looking to make a major investment in India
In a major boost for India’s manufacturing goals, and Prime Minister Narendra Modi’s Make In India movement, Foxconn is set to invest over $1.57 billion in India.
The investment will reportedly be made by Hon Hai Precision Industry Co., one of Foxconn’s biggest divisions, which is a major electronics contract manufacturer and makes components for smartphones like displays, SoCs and various modules for major smartphones.
This significant investment aligns with the company’s strategic efforts to expand its manufacturing capabilities in the country.
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Currently, Foxconn does not manufacture components in India. Instead, much of its existing operations revolve around assembling or finishing components for major electronic devices. Hon Hai Precision Industry Co on the other hand, has been a major components manufacturer.
One of Foxconn’s major manufacturing ventures in India would have been the semicon manufacturing unit that it would have set up in partnership with Vedanta. However, because both Vedanta and Foxconn had no previous experience in making semicons, the venture had to be abandoned.
This is a developing story and is being updated.