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Apple Supplier Foxconn Earmarks $500M To Set Up Manufacturing Plant In India

Author: Anusuya Lahiri | May 15, 2023 07:17am

  • Apple Inc (NASDAQ:AAPL) supplier Hon Hai Precision Industry Co Ltd (OTC:HNHPF) Foxconn proposes to invest $500 million to set up manufacturing plants in the southern Indian state of Telangana.
  • Foxconn's investment will create 25,000 jobs in the first phase, the state's IT minister K. T. Rama Rao, tweeted on Monday.
  • Foxconn, which already manufactures iPhones in India, bagged a deal to manufacture the AirPods in India in 2023. 
  • It also bought land worth $37 million in Bengaluru in May, TechCrunch reports.
  • Indian government's financial incentives to boost local manufacturing attracted commitments from Foxconn, Wistron Corp (OTC: WICOF), and Pegatron Corp (OTC: PGTRF).
  • Apple, which launched its first two retail stores in India in April, could expand its iPhone manufacturing capacity in India to produce 25% of all iPhones by 2025, according to JP Morgan.
  • The growing interest from Apple's manufacturing partners coincides with the iPhone maker's attempts to expand its manufacturing infrastructure beyond China.
  • Price Action: AAPL shares traded higher by 0.34% at $173.16 premarket on the last check Monday.
  • Benzinga now provides actionable financial news and trading ideas for the Indian financial markets on in.benzinga.com.
  • Photo via Wikimedia Commons

Posted In: AAPL HNHPF PGTRF WICOF


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