Monday, June 17, 2024

Foxconn gets approval to invest $1 bn more in Apple India plant: Report

Taiwanese contract manufacturer Foxconn has received approval to invest at least $1 billion more in a plant in India that will manufacture Apple products, a significant step towards its aim of establishing a hub outside of China, a media report said on Wednesday.

Bloomberg reported citing sources that Foxconn intends to spend the approved amount on top of the $1.6 billion it earlier set aside for the 300-acre site close to the Bengaluru airport. The new amount will bankroll additional capacity for Apple devices, including likely the iPhone.

With the most recent approval of spending, the Taiwanese firm will have allocated roughly $2.7 billion to the site.

Apple’s key manufacturing partner, Foxconn, has increased its budget for the factory at least once this year. It began in early 2023 with intentions to invest only $700 million in the complex, which is located in Karnataka.

Meanwhile, Tata Group is planning to build one of India’s largest iPhone assembly plants in Tamil Nadu’s Hosur.

According to media reports, the facility is expected to feature around 20 assembly lines and employ 50,000 workers within two years. The site is expected to be operational within 12 to 18 months.

The move is considered as part of Apple’s aim to expand manufacturing operations in the South Asian country. Tata already operates an iPhone manufacturing unit in Karnataka, which it purchased from Wistron Corp.

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