\n<\/p>\n
Foxconn plans to invest $1.54 billion in India, the latest in its growing expansion plan, following a surge in revenues in the South Asian market.<\/p>\n
Foxconn said in a stock exchange filing that the investment will help it fulfil \u201coperational needs.\u201d The investment comes two months after the Taiwanese firm said it plans to double its workforce and investment in India by next year.<\/p>\n
Foxconn works with many firms including Apple and assembles their devices in plants in India as many tech giants look to shift part of their manufacturing base to India in a move that analysts describe as \u201cChina+1.\u201d<\/p>\n
The investment from Foxconn, which is the largest EMS provider globally, into China climbed in 2001-2017 or over 15 years, and has slowed down since 2018, given the US-China trade tension.<\/p>\n
The company, which operates three manufacturing campuses in India, pulled out of a $19.5 billion chipmaking joint venture<\/a> with Vedanta earlier this year, but said it remains \u201cconfident\u201d<\/a> about India\u2019s ambitions.<\/p>\n \u201cBuilding fabs from scratch in a new geography is a challenge, but Foxconn is committed to invest in India. We have been working on challenges like this since the 1980s. Foxconn has no intention to do anything but continue to strongly support the government\u2019s \u2018Make in India\u2019 ambitions and establish a diversity of local partnerships that meet the needs of stakeholders,\u201d Foxconn, which also goes by the name Hon Hai, said at the time.<\/p>\n