Taiwan’s Foxconn is to pump $1.5 billion into its latest India expansion plan, the world’s largest contract manufacturer of electronics said on Monday.
The firm, a major client of Apple’s which already has an iPhone factory in the state of Tamil Nadu employing 40,000 people, announced the investment plan in a stock exchange filing but did not provide any further details.
Foxconn has been rapidly expanding its presence in India by investing in manufacturing facilities in the south of the country.
The contract manufacturer aims to double its workforce and investment in India by next year, a company executive had said in September.
The company’s Chairman Liu Young-way had also said in an earnings briefing in August he sees a lot of potential in India, adding that “several billion dollars in investment is only a beginning”.
- Reuters with additional editing by Sean O’Meara