Foxconn India buys land in Karnataka, a huge benefits for India, China in LOSS
Foxconn India Plant Update:
In recent years, global conditions have undergone rapid changes, particularly due to the COVID-19 pandemic. Many companies are reducing their dependence on China, and India is benefiting greatly from this trend. Foxconn, a Taiwanese company that manufactures many products, including iPhones for Apple, has recently purchased land in the southern state of Karnataka to set up a new plant in India.
According to a recent announcement made by Foxconn’s flagship unit Hon Hai Precision Industry Company to the London Stock Exchange, the company has acquired land in Karnataka worth INR 300 crores (approximately USD 37 million) through its Indian subsidiary Foxconn Hon High Technology India Mega Development. The land is located at Devanahalli, near Kempegowda International Airport, on the outskirts of Bangalore. The new plant will manufacture iPhones for Apple and other products.
Land deal done for 300 crores
Foxconn is one of the largest companies in Taiwan. In recent months, relations between the US and China have deteriorated, and relations between Taiwan and China have also worsened. China claims that Taiwan is a part of it, while Taiwan considers itself a separate country. In view of these circumstances, many Taiwanese companies are trying to shift their production from China, including Foxconn.
Foxconn’s plant will be set up here
Foxconn is the largest supplier of parts for Apple’s iPhone. The company’s operations were affected during the pandemic, which is also a reason for shifting production. Earlier this year, Reuters reported that Foxconn plans to set up a plant in Karnataka with an investment of USD 967.91 million, which has received approval from the state government.Another Taiwanese company, Pegatron, is also planning to set up its second Indian plant near Chennai in Tamil Nadu. Pegatron could invest around USD 150 million on setting up the proposed plant in Chennai, where the latest iPhones will be assembled.
Crack is coming due to these reasons
Foxconn india is one of the largest companies in Taiwan. In the past months, not only has there been a rift in relations between the US and China, but relations between Taiwan and China have also deteriorated. China claims that Taiwan is a part of it, while Taiwan considers itself a separate country. In view of these circumstances, many Taiwanese companies are trying to shift their production from China, in which Foxconn india is the most prominent.Foxconn india is the largest supplier of parts for Apple’s iPhone. Foxconn’s Hon Hai Precision Industry Company is making iPhones on a large scale in China. Although the company’s operations were affected during Corona. This is also important in the reasons for shifting production. Earlier in March, Reuters had reported that Foxconn is going to set up a plant in Karnataka with an investment of $967.91 million, which has received approval from the state government.
This company is also setting up a new plant
India is becoming a new manufacturing center for Apple after China. Apple has decided to shift 50 percent of its iPhone manufacturing to India by the year 2027. Assembling of iPhone in India started in the year 2017 when Wistron set up its plant. From April last year to February this year, iPhones worth about USD 9 billion were exported from India, and more than 50 percent of this share was accounted for by iPhones. At present, Pegatron’s share in the manufacturing of Made-in-India iPhones is about 10 percent.
iPhone production in India gaining momentum
Let us tell you that after China, India is becoming a new manufacturing center for Apple. Apple has decided to shift 50 percent of its iPhone manufacturing to India by the year 2027. Assembling of iPhone in India started in the year 2017 and then Wistron set up its plant in India. From April last year to February this year, iPhones worth about $ 9 billion have been exported from India. Of these, more than 50 percent share was of iPhone. At present, Pegatron’s share in the manufacturing of Made-in-India iPhone is about 10 percent Foxconn’s decision to set up a new plant in India is a positive development for the country. With many companies looking to reduce their dependence on China, India has a significant opportunity to attract investment and become a global manufacturing hub.