Apple’s iPhone manufacturer is Foxconn. Foxconn is already making Apple’s iPhones at its Tamil Nadu plant, but now the company wants to expand the plant further. For this expansion, the company is planning to invest one billion dollars in India i.e. around Rs 7,500 crore.
Foxconn intends to invest up to $ 1 billion to expand a factory in Sriperumbudur near Chennai. Two sources gave this information. Taiwan’s contract manufacturing company assembles the iPhone XR at this factory.
American technology company Apple is slowly and quietly trying to get out of China. Foxconn’s investment to expand the Indian unit is part of this plan. A source said that Apple has requested its clients to take some of the iPhone production out of China.
The scheme will create around 6,000 new jobs at the Sriperumbudur plant. Foxconn also operates a separate plant in Hyderabad. The plant in Hyderabad manufactures smartphones from China’s Xiaomi and other companies. Foxconn chairman Liu Young-way said last month that the company would increase investment in India. He, however, did not provide much information about this investment.
India is the second largest smartphone market in the world. Apple holds one per cent of the Indian smartphone market. By making more phones in India, Apple will avoid paying import duty. With this, the price of his phone in India may decrease slightly.