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Bye China! Foxconn plans to expand Sriperumbudur plant with $1 Billion investment: What we know

Foxconn, Taiwanese multinational electronics contract manufacturer which assembles Apple iPhone, is planning to invest up to $1 billion in India. Foxconn is looking to expand its factory in Chennai's Sriperumbudur, sources said.

India TV Business Desk India TV Business Desk
New Delhi Updated on: July 12, 2020 12:25 IST
Foxconn, Apple, Iphone, Iphone XR, China
Image Source : FILE PHOTO

Foxconn planning to expand India plant, move part of Apple production out of China.

Foxconn, Taiwanese multinational electronics contract manufacturer which assembles Apple iPhone, is planning to invest up to $1 billion in India. Foxconn is looking to expand its factory in Chennai's Sriperumbudur, sources said. Foxconn may invest more in India as part of a quiet and gradual production shift by Apple away from China as it navigates disruptions from a trade war between Beijing and Washington and the coronavirus crisis.

Foxconn plans to invest $1 Billion in India | What we know so far

  • Apple has made a strong request to its clients to move part of the iPhone production out of China, sources told Reuters.
  • However, Apple on being asked about the said move has not responded to the request.
  • Foxconn also said it does not comment on the matters related to customers.
  • Apple's planned investment at Chennai's Sriperumbudur factory may take place over 3 years, sources informed Reuters. Foxconn's Chennai factory manufactures Apple's iPhone XR.

Foxconn may expand Chennai plant: What it means for India India Tv - Foxconn, Apple iPhone, iPhone XR
Image Source : FILE PHOTO

Foxconn planning to expand Chennai Sriperumbudur plant which assembles iPhone XR.

 

  • Foxconn likely investments in India are expected to add 6,000 more jobs at its Chennai's Sriperumbudur plant where iPhone XR is made, besides other phones.
  • Shifting a part of Apple production, if it happens, will also serve India's purpose of hurting China's economy.

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