Apple manufacturing partner Foxconn plans to invest about US$700 million on a new plant in India to ramp up local production, reports Bloomberg, quoting unnamed “people familiar with the matter.”
The article says the investment is one of Foxconn’s biggest single outlays to date in India and underscores how China’s at risk of losing its status as the world’s largest producer of consumer electronics. The manufacturer plans to build the plant to make iPhone parts on a 300-acre site close to the airport in Bengaluru, the capital of the southern Indian state of Karnataka.
Bloomberg says the factory may also assemble Apple’s handsets, some of the people said, and Foxconn may also use the site to produce some parts for its nascent electric vehicle business.
Foxconn is also expanding its presence in Zhengzhou, China, and in Vietnam.