Foxconn’s $8 billion investment may surge five-fold in three years
A senior government official told that Foxconn's present $8 billion investment in India is projected to increase fivefold within the next three years, and that the company will become a crucial component of the "big Apple story unfolding in India."
"While they have written that they will double (their investment), their plan is to actually increase (their investment) by five times in the next three years," the official said.
The official further noted that the government of India has set a goal for the Taiwanese corporation to increase its workforce in India from 35,000 to 200,000 within the next three years.
Foxconn's India representative V Lee stated in a LinkedIn post on Sunday that the company was "aiming for another doubling of employment, FDI (foreign direct investment), and business size in India" by this time in 2024
Microblogging platform X user and minister for electronics and information technology Ashwini Vaishnaw claimed on Monday that the government was "fully committed" to Foxconn's ambitious plans to expand its manufacturing footprint in the country, quoting Lee's post.
The corporation is reportedly looking into many regions, including Tamil Nadu, where it already has a substantial presence, to establish a factory for electric vehicles, as reported on September 7.
Foxconn started operations in India on nine different sites in 2005. It has reportedly made $10 billion in sales from its India operations in the past year.
The Taiwanese firm has recently been planning significant investments in the Indian market.
Foxconn India's Lee claimed in a LinkedIn post on August 12 that the company's board had approved a $400 million investment in Telangana. The company has invested $150 million in the state, so this was an increase in that amount. Foxconn Interconnect Technology started construction on a new electronics plant in the state back in May.
Foxconn and the Indian state of Tamil Nadu agreed to collaborate on the creation of 6,000 new employment and an investment of Rs 1,600 crore in the Kancheepuram area on July 31. Foxconn announced $600 million in investments across two manufacturing projects in Karnataka a day later.