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Foxconn to invest $1.5 bln to expand India operations

Foxconn logo is seen in this illustration taken, May 2, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

The largest electronics contract maker in the world, Taiwan’s Foxconn (2317. TW), said on Monday that, as part of its most recent development strategy, the company intends to invest $1.5 billion in India.

The business gave no more information after announcing the investment plan in a stock market filing.

Foxconn has been making significant investments in manufacturing facilities in the southern region of India to increase its footprint swiftly.

As a leading player in the electronics manufacturing industry, Foxconn’s investment exemplifies its commitment to innovation, growth, and market expansion. The company’s strategic move to fortify its foothold in India indicates its long-term vision and dedication to meeting the evolving demands of consumers worldwide.

According to a statement by a corporate official in September, the contract manufacturer intends to more than quadruple its employment and investment in India by the following year.

In August, at an earnings briefing, the chairman of the firm, Liu Young-way, stated that he sees a lot of promise in India and added that “several billion dollars in investment is only the beginning.”

The news that Foxconn will invest $15 billion to expand its operations in India marks a critical milestone in its expansion trajectory. This strategic choice not only reaffirms Foxconn’s dedication to making the most of India’s potential but also draws attention to the rapidly growing role that the nation is playing in the international technological scene.

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