Taiwan-based Foxconn, the world’s largest contract manufacturer for electronics, will invest up to $5 billion in India to make the country a parallel manufacturing hub to China for export to key markets across Europe and the U.S. In India, Foxconn is keen on investing in a display fab unit, Computer Numerical Control machines, a lithium-ion cell factory, and facilities for printed circuit boards.
An executive of the company said, “India is already high on our priority list, and we now plan to step up investments and business here by opening new factories and expanding the manufacturing footprint.” The expansion will create employment opportunities in the country , the official said, adding that the company is in serious talks with many state governments.
Foxconn manufactures phones for companies such as InFocus, Oppo, Xiaomi, Nokia and Gionee from its existing facilities in India. The official said that Foxconn will look at “vertical integration” for its operations in India, reports the Economic Times.