Foxconn, a leading Apple supplier, plans to invest $500 million (₹4115.14 crore) in manufacturing plants in the southern Indian state of Telangana, according to K. T. Rama Rao, the state’s IT minister.
What Happened? Rao announced in a tweet that the investment would create 25,000 jobs in its initial phase.
A report last week stated Foxconn’s ultimate aim is to generate 1 lakh jobs in Telangana, potentially marking Foxconn’s most significant single investment commitment in India to date.
In March, Reuters reported that Foxconn secured an order to produce AirPods for Apple. To fulfil this order, the company planned to establish a factory in India.
Apple has been transitioning production away from China due to COVID restrictions that disrupted the manufacturing of new iPhones and other devices. Additionally, the tech giant seeks to evade potential business impacts resulting from ongoing Beijing-Washington tensions.
Late in March, the Karnataka government approved Foxconn’s $968 million (₹7,967.67 crore) investment in the state. A more recent report noted that the Apple assembler acquired a 300-acre plot of land in Devanahalli, near Kempegowda International Airport on the outskirts of Bengaluru.
In 2022, Foxconn, also known as Hon Hai Precision Industry Co and a major supplier of Apple’s iPhone, reported unaudited revenue of $215.84 billion (₹17,64,451.69 crore).
Read next: Apple’s India Story Turns Fresh Page: iPhone 15 Manufacturing Entrusted To Tata Group
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