Apple Inc. partner Foxconn Technology Group plans to invest $700 million plant in India
New Delhi, India – Foxconn Technology Group, an Apple partner and iPhone manufacturer, plans to invest $700 million (Rs 570,000 crore) in India. According to reports, China is planning to build the plant in India as US-China tensions are not easing.
The Taiwanese company Hon Hai Precision Industry, one of the leading Apple phone manufacturers, is planning to set up a plant to manufacture iPhone parts on a 300-acre site near the Bengaluru airport, NDTV reported. Foxconn also intends to manufacture electric vehicle components. This is Foxconn’s largest investment project in India.
Foxconn’s move is a blow to China’s status as the world’s largest electronics producer. Big companies, including Apple, are planning to invest in countries such as India and Vietnam rather than China. China’s relationship with the United States has deteriorated again after crises such as the Covid-19 Ukraine-Russia war.
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