Karnataka to receive an additional $1.7 billion investment from Foxconn.
(Reuters) – Apple supplier Foxconn plans to invest an additional 139.11 billion rupees ($1.67 billion) in the Indian state of Karnataka, the state government said in a statement on Tuesday.
The Taiwanese company, which assembles about 70% of iPhones and is the world’s largest contract manufacturer, has diversified production away from China due to disruptions from COVID-19 and geopolitical tensions.
It has rapidly expanded its presence in India over the past year, investing heavily in manufacturing facilities in the southern part of the country.
In the state of Karnataka, the company announced in August that it would invest $600 million in two projects to make housing components for iPhones and chip manufacturing equipment.
Foxconn is also expected to start manufacturing iPhones in the southern state by April 2024 – a project expected to create around 50,000 jobs.
The government did not elaborate on the latest plans for additional investment in Karnataka, and Foxconn did not immediately respond to an email seeking comment.
