2023-11-28 11:53:38
By Le Figaro with AFP
Published now, Updated now
In May, Foxconn purchased a large plot of land on the outskirts of Bangalore to build a new production site. MakZin / stock.adobe.com
The largest private employer in China, the Taiwanese company is diversifying its production because of health restrictions against Covid and diplomatic tensions between Beijing and Washington.
Taiwanese tech giant Foxconn, a key supplier to Apple, plans an additional investment of $1.54 billion in India for its “operational needs», part of its strategy of diversifying its production outside of China.
The company – also known by its official name Hon Hai Precision Industry – is the world’s largest contract electronics manufacturer and assembles devices for many companies, including Apple’s iPhones. Foxconn said in a statement to the Taiwan Stock Exchange on Monday that its Indian subsidiary plans to spend around 128 billion rupees ($1.54 billion) to hire other companies.to be built on land owned» in order to deal with “operational needs“. The text gives no details, only stating that “an additional announcement will be made after the transaction is confirmed“. Foxconn is the largest private employer in China, with more than a million employees, but is looking to diversify its manufacturing chain after seeing its production affected by strict anti-Covid restrictions in China and diplomatic tensions with the United States .
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Other billions of investments to come?
In May, the company purchased a huge plot of land on the outskirts of Bangalore, India’s high-tech hub, and has since announced plans to expand its operations in the country. Foxconn Chairman Young Liu then said he saw the potential to invest “several billion dollars” in India. According to him, Foxconn has nine manufacturing campuses and more than 30 factories in India. The company plans to expand its operations in India to “essential components» for consumer electronics and electric vehicles, to strengthen its competitiveness, he said.
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