Foxconn ramps up investment in giant Apple plant in India amid US-China tensions
- The newly approved spending will bring total investments in the site to US$2.7 billion, making it Foxconn’s key manufacturing facility in India
- The outlay underscores how Foxconn is shifting capacity away from China, which is mired in an economic downturn and tensions with the US
Foxconn Technology Group has won approval to invest at least US$1 billion more in a plant it is building in India that will make Apple products, a major ramp-up in its goal of building a hub beyond China.
The world’s biggest assembler of iPhones plans to spend that amount on top of the US$1.6 billion it earlier set aside for the 300-acre (121-hectare) site close to Bangalore’s airport, people familiar with the matter said.
The new capital will bankroll additional capacity for Apple devices, including likely the iPhone, people familiar with the matter said, declining to be named as the information is private.
Including the most recently approved spending, the Taiwanese firm will have set aside roughly US$2.7 billion for the site, set to become the centrepiece of the its manufacturing capabilities in India.
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