Bye China! Foxconn plans to expand Sriperumbudur plant with $1 Billion investment: What we know

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Foxconn, Taiwanese multinational electronics contract manufacturer which assembles Apple iPhone, is planning to invest up to $1 billion in India. Foxconn is looking to expand its factory in Chennai's Sriperumbudur, sources said. Foxconn may invest more in India as part of a quiet and gradual production shift by Apple away from China as it navigates disruptions from a trade war between Beijing and Washington and the coronavirus crisis.

Foxconn plans to invest $1 Billion in India | What we know so far

• Apple has made a strong request to its clients to move part of the iPhone production out of China, sources told Reuters.
• However, Apple on being asked about the said move has not responded to the request.
• Foxconn also said it does not comment on the matters related to customers.
• Apple's planned investment at Chennai's Sriperumbudur factory may take place over 3 years, sources informed Reuters. Foxconn's Chennai factory manufactures Apple's iPhone XR.

Foxconn may expand Chennai plant: What it means for India 

 

• Foxconn likely investments in India are expected to add 6,000 more jobs at its Chennai's Sriperumbudur plant where iPhone XR is made, besides other phones.
• Shifting a part of Apple production, if it happens, will also serve India's purpose of hurting China's economy.