Foxconn sees potential in India, the Taiwanese major is reportedly in talks for its willingness to invest “several billion dollars” in India, to diversify its manufacturing away from China, according to a media report on Wednesday.
The investment plan was underlined by the Hon Hai Technology Group (Foxconn) Chairman and CEO Young Liu during the company’s second-quarter earnings call recently.
The CEO said Foxconn India has achieved a significant turnover of close to USD 10 billion on an annual basis and praised India’s future manufacturing capacity.
He stressed India’s market size avails great opportunities if Foxconn can fully implement its plans in the country.
Liu said several billion investments will only mark a beginning.
Meanwhile, Foxconn India has recently approved the investment of USD 400 million in Telangana. According to the company, the proposed building will act as a hub for Foxconn Interconnect Technology’s operations in Telangana, enabling the company to increase its production capacity. Telangana Chief Minister K Chandrasekhar Rao and Foxconn Technology Group Chairman Young Liu met earlier this year.