Foxconn chipping into industrial parks, other biz
iPhone maker planning to set up industrial parks, optimize business environment in India.
New Delhi Hon Hai Technology Group (Foxconn) said on Monday it will plan to establish industrial parks and optimise the business environment in India in terms of infrastructure, policies and laws.
Foxconn Chairman Young Liu said that since they entered India in 2005, its revenue, number of employees, and investment scale have grown exponentially.
“At present, it is mainly engaged in the ICT final assembly business. Going forward, Hon Hai will actively deploy work in the area of key components to raise its competitiveness in India,” Liu said, as the company announced its second quarter 2023 financial results. In addition to existing operations in the Andhra Pradesh and Tamil Nadu, the iPhone maker will also deploy more resources in Karnataka, Telangana and other states.
“Through close cooperation with central and local governments, Hon Hai will plan to establish industrial parks and optimise the business environment in terms of infrastructure, policies and laws,” Liu added.
Earlier this month, the Karnataka government and Foxconn signed a Letter of Intent (LOI) with an estimated investment outlay of Rs5,000 crore generating 13,000 jobs. These projects are in addition to the iPhone end assembly plant which the Taiwanese company has planned to set up at Devanahalli ITIR in the outskirts of Bengaluru with an investment of about Rs14,000 crore.