Foxconn to strengthen operations in India, invest an additional $1.7 billion in Karnataka

Apple's major supplier in India, Taiwan-based Foxconn, is planning to make an additional investment of $1.67 billion in the Indian state of Karnataka, according to an official statement released by the state government.The Taiwan-based company, renowned as the world's largest contract manufacturer and responsible for assembling approximately 70 per cent of iPhones, has been strategically diversifying its production away from China. This move is a response to disruptions caused by the COVID-19 pandemic and geopolitical tensions.Over the past year, Foxconn has significantly expanded its footprint in India by making substantial investments in manufacturing facilities, particularly in the southern part of the country.In August, the company had previously announced a $600 million investment in two projects in Karnataka. These projects focused on the production of casing components for iPhones and chip-making equipment.The latest investment underscores Foxconn's commitment to strengthening its presence in Karnataka.It is anticipated that the company will commence iPhone manufacturing in the southern state by April 2024, which is expected to generate approximately 50,000 jobs.This continued investment aligns with Foxconn's broader strategy to establish India as a key manufacturing hub, forming part of a larger trend among global companies seeking to diversify their production locations, a strategy often referred to as China Plus One.(With inputs from agencies)