Foxconn plans to invest up to $5 billion in India

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Foxconn is planning to invest in India, according to a latest report from the Times of India. The Taiwanese contract manufacturer plans to invest up to Rs 32,000 crore ($5 billion) in the country. Foxconn is looking forward for this move as it wants to create a parallel manufacturing hub apart from China. The company is eyeing  to scale up India operations in an ‘exponential manner’.

Citing a top Foxconn official, TOI said that the decision comes as a result of the GST implementation and the recently announced import duty on mobile phones that would ‘discourage’ sourcing from China and other markets. Foxconn has already tied with an array of smartphone makers including OnePlus, Xiaomi, Oppo, Gionee, Asus and others to manufacture smartphones in India. The company has a sizeable capacity in India and can produce up to four million devices per month.

Foxconn Chairman & CEO Terry Gou has already committed to more investments in India during his visit here and has also spoken about tying up with local players and industrial groups. The government recently announced an imposition of 10 per cent customs duty on phones and parts such as chargers, headsets, batteries and USB cables, a move aimed to further local manufacturing.


Author: Sneha Bokil

Sneha Bokil is a tech enthusiast and is currently using OnePlus 3T but she still treasures her Nokia N70 (M). You can follow her on Twitter @snehabokil and on Google+