Apple supplier Foxconn sets out to invest $1 Billion in India

Foxconn, the Taiwanese multinational electronic manufacturer is reportedly planning to influx $1 Billion in India as it plans to expand its factory in Chennai. Foxconn is one of the players behind the assembling of Apple products. Foxconn has a factory set up at Sruperumbudur, Tamil Nadi, just 50 km outside of Chennai. The reported expansion of the factory will take place over 3 years. This will open up about 6000 jobs in the state. Currently, the Sruperumbudur factory produces in the iPhone XR & will take up the assembly of more products once the plans come through. "There's a strong request from Apple to its clients to move part of the iPhone production out of China," a source told Reuters. Apple has supposedly been in talks with Government in India to set up its smartphone production in the country and have plans to invest over $40 Billion for the same. With relatively cheaper labor costs than China & the gradual extension of the assembly and components to India, Apple might be looking to create India as an export hub. However, neither Apple nor Foxconn ave currently commented on the matter. As it always has been, these are currently just speculations related to Apple’s plans.