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Foxconn India Plant Update: During the last few years, there has been a rapid change in the global conditions. Especially due to the Corona epidemic, there have been many changes. In view of these developments, many companies are reducing their dependence on China and India is benefiting greatly from this. In this episode, Foxconn, a Taiwanese company that manufactures many products including iPhone for Apple, is going to set up a new plant in India.
Land deal done for 300 crores
Foxconn has bought land in the southern state of Karnataka to set up its new plant in India. Foxconn’s flagship unit Hon Hai Precision Industry Company has done this deal, information about which has been given to the London Stock Exchange. The company has told the exchange that it has taken 300 crores of land in Karnataka.
Foxconn’s plant will be set up here
Hon Hai Precision Industry Company manufactures iPhones for Apple. The company has said that it completed the purchase of land on May 9 through its Indian subsidiary Foxconn Hon High Technology India Mega Development. The company has done this deal for 37 million dollars i.e. about 300 crore rupees. The land is located at Devanahalli, near Kempegowda International Airport, on the outskirts of Bangalore.
Crack is coming due to these reasons
Foxconn 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 is the most prominent.
Foxconn 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
At the same time, Reuters had told in a separate report that like Foxconn, another Taiwanese company Pegatron can set up its second Indian plant near Chennai in Tamil Nadu. It was then told that Pegatron could invest around $150 million on setting up the proposed plant in Chennai and the latest iPhones would be assembled in the new plant. Like Foxconn, Pegatron also manufactures other products for Apple, including the iPhone.
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.
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