Taiwan bases Foxconn, the biggest manufacturer of iPhone has firmed up its plan to shift its production away from China after it faced major supply chain disruptions late last year due to country’s zero-Covid policy. However, recent reports from news agency has revealed that FoxConn will open its manufacturing unit in Southern state of Telangana.
Foxconn to open its manufacturing facility in Telangana
Foxconn’s decision to open manufacturing will give a big boost to investor sentiments towards Telangana state and is likely to generate one lakh jobs in a decade. This is a landmark development for state of Telangana and this development comes after a meeting between Young Liu, Chairman of Foxconn and K Chandrasekhar Rao, Telangana Chief Minister. Liu is on a India tour and also met Prime Minister Narendra Modi earlier this week. However, as per Media Reports the Telangana Government and iPhone contract manufacturer have not revealed the size of investment or specify which of its products it would manufacture in the state.
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It is only last month Foxconn had secured a new site in Vietnam, amid the Taiwanese giants efforts shift its production from china.
Foxconn to invest $ 500 million in India
In December, news agencies had reported that Foxconn had announced that its Singapore unit will acquire 4.08 million shares in Foxconn Hon Hai Technology Mega Development Private Limited for $500 million. It was also announced by Foxconn earlier, that it will be investing $500 million in India in a bid to expand its chipset business in India.
These moves comes in the backdrop of Foxconn giving another special payout to employees in China to soothe unrest and restore production at the world’s largest iPhone factory at Zhengzhou.
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