Foxconn, the world’s largest contract electronics manufacturer and principal assembler of Apple iPhones, has acquired land worth Rs. 300 crore in the Devanahalli region near the Bengaluru airport in India. The move is part of Foxconn’s strategy to expand production beyond China and diversify its operations.
The acquisition of around 13 million-square-foot land was announced through a statement released to the London Stock Exchange. The move comes after Foxconn’s Chairman, Young Liu, visited India earlier this year to deepen partnerships and explore cooperation in new areas like semiconductor development and electric vehicles.
Credits – Deccan Herald
Foxconn’s shift away from China was due to strict COVID-19 policies and the strained relationship with the United States of America. This acquisition in India is a significant step for the company as it looks to tap into India’s market potential and favorable government policies for foreign investments and manufacturing.
Karnataka Chief Minister Basavaraj S Bommai had earlier revealed that Apple would soon manufacture iPhones at a new plant in the state, creating around 100,000 jobs. Foxconn’s recent acquisition of land in the same region may indicate that the company could be a part of Apple’s expansion plans in India.
During his visit to India, Foxconn’s Chairman Young Liu met with Prime Minister Narendra Modi, and the discussions focused on enhancing India’s tech and innovation ecosystem.
Credits – Swarajya
Meanwhile, Apple has been making its own efforts to penetrate the Indian market, which has the second-highest number of smartphone users in the world after China. Last month, the tech giant opened its first two retail stores in India, indicating their confidence in the country’s potential as a significant market.
The acquisition by Foxconn in India is expected to create more job opportunities and boost the country’s manufacturing sector. With the Indian government’s push for local manufacturing, the move is a significant development for the country’s economy. It remains to be seen how Foxconn’s operations will take shape in India and how it will contribute to the country’s tech and innovation ecosystem.
