Foxconn to Invest $500 Million in India for Component Manufacturing Plants
According to Bloomberg News, individuals familiar with the matter have reported that Foxconn Technology Group, Apple’s primary supplier, intends to invest nearly $500 million in constructing two component factories in India.
Those factories will be built in the southern state of Karnataka, and at least one of them will make Apple parts, including for iPhones, according to the report.
The exact locations of the new plants in the state are yet to be decided, and an official announcement is expected as early as this week.
Foxconn and Apple did not immediately respond to Reuters requests for comment.
Karnataka has already approved an 80 billion rupee ($972.88 million) investment by a Foxconn unit in March, making it the third south Indian state after Andhra Pradesh and Tamil Nadu to allow Foxconn factories.
As part of its investment drive in India as it seeks to diversify beyond China, the state government said. Monday.
The Foxconn Industrial Internet facility will be built in the Kancheepuram area near the state capital Chennai, a state government source said, which is not yet public.
