Foxconn, a Taiwanese contract manufacturer has received approval to invest at least USD 1 billion (which is around Rs 83,40,46,50,000) in the Apple India plant, which will manufacture the devices in the country. A significant step has been taken to establish a hub outside China, a media report stated.
Bloomberg reported citing sources that Foxconn has been intending to spend the approved amount on top of the USD 1.6 billion it earlier set aside for the 300-acre site close to the Bengaluru airport. The new amount will bankroll additional capacity for Apple devices, including the iPhone.
With the most recent approval of investment, the Taiwanese firm will have allocated around USD 2.7 billion to the Indian site.
Apple's key manufacturing partner, Foxconn has reportedly increased its budget for the factory at least once this year. It started in early 2023 to invest only USD 700 million in the complex, which is located in Karnataka.
Furthermore, Tata Group is planning to build one of the largest iPhone assembly plants based in Tamil Nadu's Hosur.
As per the media report, the facility is expected to feature around 20 assembly lines where the company could employ around 50,000 workers within 2 years. The new site is expected to be operational within 12 to 18 months.
The move has been considered as part of Apple's aim to expand its manufacturing operations in India and other South Asian countries. Tata, on the other hand already operates an iPhone manufacturing unit in Karnataka, which it purchased from Wistron Corp.
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Inputs from IANS
