Taiwan based Foxconn The opening of a new $500 million factory in the Indian state of Telangana comes just a month after Apple CEO Tim Cook met with Indian Prime Minister Narendra Modi.
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Foxconn is one of Appleis the largest supplier of iPhones and directly produces 70% of the world’s iPhone supply. New Telangana factory to employ 25,000 workers “in first phase” do from the Government of Telangana
Foxconn’s concerted push comes as China actively courts outside investment and attempts to rebuild industrial output after slumping production numbers following a prolonged Covid lockdown.
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As geopolitical tensions between the US and China escalate, however, global companies like Apple have begun to push their suppliers to diversify out of the country, which has long been a hub of affordable and reliable production.
Young Liu, chairman and CEO of Foxconn, visited India in February and March. At that time, Foxconn Said local outlets that he did not enter into “binding, definitive agreements for new investments during this visit”.
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Despite those comments, Foxconn reached an agreement with the Telangana government on March 2, according to a tweet quoting Telangana IT minister KT Rama Rao. Foxconn did not immediately respond to a request for comment on the discrepancy when a deal was struck.
Bloomberg previously reported on Foxconn’s effort to build another factory outside Bengaluru in the Indian state of Karnataka.
