- By Vaamanaa Sethi
- Mon, 18 Sep 2023 10:59 AM (IST)
- Source:JND
Taiwanese contractor manufacturer Foxconn is looking to double its workforce and investment in India by next year, company representative V Lee said in a Linkedin post on Sunday.
Lee wished Prime Minister Narendra Modi the occasion of his 73rd birthday and announced that the company was “aiming for another doubling of employment, FDI (foreign direct investment), and business size in India” by this time next year.
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However, Lee didn’t reveal any further details. Foxconn already has an iPhone factory in Tamil Nadu, which employs 40,000 people. In August, the company said it will invest $600 million for two projects in the state to make casing components for iPhones and chip-making equipment.
On September 7, an ET report revealed that Lee had confirmed the company was evaluating several states, including Tamil Nadu, for its EV ambitions.
“In our last earnings call, chairman Liu had said the company will expand its diversified strategy including in the states of Karnataka and Telangana aside from Andhra Pradesh and Tamil Nadu,” Lee said.
He further added, “Our key components in India will first and foremost, be to do with consumer electronics. However, next year, he said there will also be EV key components in India.”
The company's Chairman Liu Young-way said in an earnings briefing last month that he sees a lot of potential in India, adding: "several billion dollars in investment is only a beginning".
In August, the company announced that it has invested $500 million to set up a new unit near the Kempe Gowda international airport in Bengaluru to make smartphone accessories.
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Foxconn was earlier in talks with Vedanta to create a semiconductor joint venture for Indian markets, however, both the companies withdrew from the deal valued at $19.5 billion shattering the company's chipmaking plans.