Foxconn Signs Deal to Invest $5 Billion on New Manufacturing Facility in India

Foxconn Signs Deal to Invest $5 Billion on New Manufacturing Facility in India

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Foxconn has signed a deal with India's Maharashtra state to invest $ billion over five years on a new electronics manufacturing facility, reports Re/code.

The announcement was made by Foxconn founder Terry Gou and Maharashtra Chief Minister Devendra Fadnavis after the signing of an accord in the state capital Mumbai. The Foxconn announcement will bolster Indian Prime Minister Narendra Modi’s “Make in India” campaign, which aims to turn Asia’s third-largest economy into a manufacturing powerhouse.

Gou didn't say whether the company would make mobile phones at the facility; however, a recent Reuters report claimed that facility would be used for iPhone assembly.

India could help Foxconn mitigate accelerating wage inflation in China, where it makes the majority of iPhones, and base production sites closer to markets where its key clients want to grow. Lower production costs could also help Foxconn keep hold of Apple orders amid intensifying competition with nimble manufacturing rivals such as Quanta Computer Inc.

Notably, Gou said that he was looking to set up 10-12 facilities in various Indian states including factories and data centers by 2020.

Chief Minister Fadnavis said the Foxconn plant would employ about 50,000 people.

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Foxconn Signs Deal to Invest $5 Billion on New Manufacturing Facility in India
justabrake - August 10, 2015 at 5:27pm
No more whining and crying from china workers !
Roger Melly - August 8, 2015 at 10:27pm
Good, give it to a country who won't stiff you. You can trust India not the Chinese who rip your products off... This is the beginning of the end for China, too expensive to build there and they copy everything as well as leak to the press...
Skidrow - August 8, 2015 at 6:15pm
I know one thing that in long run Foxconn will shut factory in India. Their quality and delivery time will become hurdles. It's not because of robots working slow. Because guy who maintains robot is busy watching Bollywood movies. Women trying to gossip and other half are pregnant. Rest of staff have joined union and are protesting better salary to keep up with high inflation in India.
Skidrow - August 8, 2015 at 6:05pm
You mean why cut a tree to make a table ask tree to grow like one.. Means non sense. Foxconn needs to keep getting orders it does not matter from apple or orange. They are getting sweet deal from govt of India, who is selling them lands from farmers at cheap (almost free) price and cutting them free electricity and tax rebates for 10 plus years, forcing farmers to work in factory at very low salary. Foxconn can offer competitive price than other competitors, I would have taken deal before my competitor does if I was president of Foxconn. Saying consumers are stupid mean you are stupid. No body is forcing consumers to buy, nobody is forcing people to apply for work in Foxconn.
@&/:*%#! - August 9, 2015 at 7:12am
Another Made in China part 2.
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