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Foxconn envisions investing billions in India

Aug 16, 2023

By: BlinkX Research Team

Foxconn, the prominent Taiwanese electronics manufacturer, envisions the possibility of investing multiple billions of dollars in India contingent upon the complete realization of its plans, as stated by a senior executive of the company. Young Liu, Chairman and CEO, shared during the company's earnings call for the second quarter that their Indian subsidiary has achieved an annual turnover approaching USD 10 billion. He emphasized the substantial investment potential within India's market.

Liu underscored that Foxconn's annual revenue stands at USD 200 billion. Given the perspective of India's expansive market potential, if their plans are fully executed, investing several billion dollars would merely mark the initial stage. Currently, Foxconn operates across approximately nine campuses in India, encompassing a collective area equivalent to over 500 football fields. With a presence of more than 30 factories, their annual business turnover stands at approximately USD 10 billion. Notably, they accommodate over 20 dormitories that house a significant workforce associated with Foxconn in India.

Liu observed a recurring trend of inquiries related to India during investors' calls over the past two quarters, indicating a positive sentiment towards the country. He reiterated that the projection for their capital expenditure this year remains elevated compared to the previous year. Liu highlighted that since Foxconn's entry into India, their revenue, employee count, and investment scale have all experienced substantial growth.

Aside from their existing operations in Andhra Pradesh and Tamil Nadu, Foxconn plans to establish a presence in Karnataka, Telangana, and other states. Collaborating closely with central and local governments, Foxconn aims to develop industrial parks and optimize the business ecosystem by enhancing infrastructure, policies, and regulations.

Content source: Media reports