Apple-Supplier Foxconn Looks to Invest More in India

Taiwanese company Foxconn is looking to further invest in India and could also possibly announce details in the coming months. The world’s largest contract manufacturer is viewing the outlook in India very favourably, according to Foxconn’s chairman.

As you know, Foxconn makes smartphones in India for Apple and Xiaomi, although in March it did suspend production due to the coronavirus outbreak.

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In fact, Foxconn Chairman Liu Young-way told people at its annual general meeting that looking ahead, India was a ‘bright spot’ for development. In a statement, he said, “We are fully pushing ahead with the next steps there, and maybe in a few months’ time, we can reveal on our website the next steps and report back to everyone. We’ll have a further investment there.”

The company is looking to make up for all the virus-related losses at its China plants with the help of its customers and local governments. The chairman did not elaborate anything else apart from saying that any such activity will take place gradually over many quarters.

He also stated that while a second wave of coronavirus was a risk to its business, it still expects revenue in second quarter to show double-digit percentage growth versus January-March.