Foxconn to invest $600 million in India to produce iPhone parts and chip manufacturing equipment
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Update time : 2023-08-05 11:19:34
The government of the southwestern Indian state of Karnataka said Foxconn will invest $600 million to build two projects for chip equipment manufacturing and iPhone case components, Reuters reported.
The Karnataka government said about $350 million will be used to set up an iPhone parts division, which will create 12,000 jobs. Separately, Foxconn will partner with Applied Materials on a $250 million project to produce chip manufacturing equipment. The investment decision was taken after a meeting between Hon Hai Foxconn Chairman Liu Yangwei, Karnataka IT Minister Priyank Kharge and Karnataka Commerce and Industrial Infrastructure Minister M. B. Patil. This comes after Vedanta joint venture partner Hon Hai Foxconn has pulled out of a $19.5 billion chip manufacturing project in India. Foxconn intends to apply separately for incentives under India's semiconductor manufacturing program. Foxconn's reasons for pulling out of the joint venture reportedly included stalled negotiations to finalize European chipmaker STMicroelectronics as a technology partner and delays in the approval of incentives. Reuters reported that in March this year, the southern Indian state of Karnataka had approved an 80 billion rupee ($968 million) investment plan by a subsidiary of Hon Hai in the state. A statement released by the state government noted that the investment would create 50,000 jobs. In the second quarter to the end of June, Foxconn's revenue came in at NT$1.3 trillion (US$41.76 billion), in line with expectations but down 13.8 percent year-on-year.
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