Apple iPhone maker Foxconn to invest $1 Billion in India: Report

New Delhi: Foxconn, the contract manufacturer that puts together Apple’s iPhone models is reportedly planning to invest $1 billion (~Rs 7515 crore) in India.

The reports say that Apple has been trying to passage its production outside China for a while now. This initiative has been called out to avoid disruptions from the ongoing trade war of the country with the US.

A Reuters report quotes sources saying “There’s a strong request from Apple to its clients to move part of the iPhone production out of China.”
Foxconn’s planned investment in the Sriperumbur plant, where Apple’s iPhone XR is made some 50 km west of Chennai, this shall take over three years, a source informed.

Further, the source informed that some of Apple’s other iPhones models, made by Foxconn in China, will be made at the plant.

Foxconn’s expansion plans are expected to add some 6,000 jobs.

“With India’s labour cheaper compared with China, and the gradual expansion of its supplier base here, Apple will be able to use the country as an export hub,” Neil Shah of Hong Kong-based tech researcher Counterpoint said.