Foxconn plans to double investment, jobs in India in a year

Foxconn has rapidly expanded its presence in India by investing as part of its supply chain diversification from China in an evolved post-pandemic world order.

New Delhi: Taiwanese electronics major Foxconn aims to double its workforce and investment in India by next year, a company representative based in India said on Sunday.

Under your leadership, Foxconn has grown smoothly and rapidly in India. We will work even harder to present you with a greater birthday gift next year, aiming for another doubling of employment, FDI, and business size in India, V Lee, Foxconn Representative in India, said in a LinkedIn post, wishing Prime Minister Narendra Modi on his birthday.

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Lee, however, did not give more details about its plans.

Foxconn has rapidly expanded its presence in India by investing as part of its supply chain diversification from China in an evolved post-pandemic world order.

Recently, the Karnataka government and Foxconn have signed the Letter of Intent (LOI) for two projects with an estimated investment outlay of Rs 5,000 crore.

Foxconn Chairman Young Liu was in India in late July to attend SemiconIndia 2023 in Gandhinagar and subsequently visited Chennai. Prime Minister Narendra Modi met Foxconn Chairman Young Liu in Gandhinagar and welcomed the company’s plans to expand semiconductor and chip manufacturing capacity in India.

Foxconn too signed a Letter of Intent to set up a new mobile components manufacturing facility at a cost of Rs 1,600 crore in Kanchipuram district in Tamil Nadu.