Foxconn Technology Group, the world’s largest contract manufacturer of electronics, is set to invest nearly 1 billion USD in a new manufacturing facility in Bengaluru, India. The investment will be made over the next three years and is expected to create thousands of jobs in the region.
The new facility will manufacture electronics, including smartphones, and will be built on a 43-acre site in the outskirts of Bengaluru. The facility will be operated by Foxconn subsidiary, Rising Stars Mobile India Private Ltd. The plant is expected to start production by the end of 2022 and will have the capacity to manufacture 10 million smartphones annually.
The investment by Foxconn is expected to boost India’s efforts to attract more foreign investment into the country. India has been trying to attract more foreign investment to boost its economy and create jobs, especially in the manufacturing sector.
Foxconn’s decision to invest in India is seen as a significant move, given that the company is already a major manufacturer for some of the world’s leading tech companies, including Apple and Xiaomi. India is the world’s second-largest smartphone market after China and is expected to continue to grow in the coming years.
Commenting on the investment, the Chairman of Foxconn Technology Group, said, “India is a key part of our global strategy, and we are committed to investing in the country and its people. The new facility in Bengaluru will not only help us meet the growing demand for smartphones in India but also create thousands of jobs in the region.”
The investment by Foxconn is expected to have a significant impact on the local economy in Bengaluru. The manufacturing facility is expected to create thousands of direct and indirect jobs in the region and is expected to boost the local economy.
The announcement of Foxconn’s investment in India comes at a time when the Indian government has been pushing for more investment in the country. The government has launched several initiatives to attract foreign investment, including the “Make in India” program, which aims to promote manufacturing in the country.