Apple supplier Foxconn is reportedly planning to invest an additional INR 13,911 Cr ($1.67 Bn) in Karnataka, in a further boost to the tech giant’s plan to ramp up iPhone manufacturing across India.
Karnataka has also approved 14 projects worth INR 34,115 Cr with the potential to generate 13,308 jobs in the state. Of these, 10 are new projects worth INR 19,452.40 Cr, while the remaining four are additional ones with investments worth INR 14,662.59 Cr, according to a statement.
Foxconn had proposed to invest INR 8,000 Cr for setting up a phone manufacturing unit in the state, as revealed by the minister for large and medium industries and infrastructure development, MB Patil, at the conclusion of the 62nd meeting of the SHLCC held at Suvarna Vidhana Soudha in Belagavi.
Foxconn is also expected to start manufacturing iPhones in the state by April 2024 — a project expected to create around 50,000 jobs.
The Taiwan-based company, responsible for assembling approximately 70% of iPhones and holding the title of the world’s largest contract manufacturer, is strategically shifting its production away from China due to disruptions caused by COVID-19 and geopolitical tensions. Over the past year, Foxconn has significantly expanded its footprint in India, making substantial investments in manufacturing facilities in the southern part of the country.
This move follows Foxconn’s recent declaration of investing over $1.5 Bn in India to fulfil operational requirements.
Foxconn also aims to expand its India footprint. In September, the company announced plans to double its India employment, investment and business size in one year.
The focus on India is not without reason. Its Indian arm clocked an annual turnover of $10 Bn at the end of the second quarter of 2023, the company said in August.
In addition to assembling Apple’s products, the company is also planning to venture into the semiconductor and electric vehicle spaces in India. It has already partnered with French-Italian semiconductor company STMicroelectronics to start manufacturing semiconductors in India.
The back-to-back developments come as Foxconn has sped up plans to build a $700 Mn facility on the outskirts of Bengaluru. Spanning 300 acres, the unit will be the newest production facility for the company to manufacture iPhones in the country.
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