Foxconn's India biz surges to $10 bn, Apple's India operations at $23.5 bn in value

New Delhi, Aug 19
In a big boost to the ‘Make in India’ initiative, especially the production-linked incentive (PLI) scheme, Taiwanese contract manufacturing giant Foxconn’s business in India has surged to 10 billion dollars till last fiscal.

On the other hand, Apple’s India operations reached 23.5 billion dollars in value in the last fiscal (FY24), further cementing the country’s position as a viable alternative to China and Vietnam when it comes to manufacturing.

Foxconn is a major Apple supplier globally and has invested 1.4 billion dollars in India to date, with more to come.

According to Foxconn’s CEO and Chairman Young Liu, the company sees a huge potential in the India market for its further growth. Hon Hai Technology Group (known as Foxconn) will help India become a global manufacturing hub.

Liu, who met several top leaders during his India visit last week, along with Prime Minister Narendra Modi, discussed Foxconn's investments in Tamil Nadu, Karnataka and Telangana. He also met chief ministers and state cabinet ministers of these states.

According to Union Minister for Railways, Electronics and IT and I&B, Ashwini Vaishnaw, as the country strives to make ‘Bharat’ a global manufacturing hub, “thanks to Foxconn’s Chairman Young Liu for his continued investment plans.”

In his meeting with PM Modi, Liu discussed several opportunities in “futuristic sectors” like artificial intelligence (AI), semiconductors, local electronics manufacturing and more.

Meanwhile, Telangana Chief Minister Revanth Reddy also invited Foxconn to invest in the Fourth City planned near Hyderabad. The Foxconn Chairman said that Hyderabad city has immense potential to expand in all sectors, including industrial and service sectors.

According to the Karnataka government, the setting up of the Foxconn iPhone assembly plant in Bengaluru Rural district with a Rs 22,000 crore investment is progressing well. The project, with an investment size of Rs 22,000 crore, is expected to generate employment for 50,000 plus people.

Foxconn is also setting up a manufacturing and assembly facility for mechanical components in EV applications (Project Cheetah). The company has leased private land in the Bengaluru district for this project.

The Leader of Opposition (LoP) in Lok Sabha, Rahul Gandhi, also met Foxconn Chairman, and the two had an engaging conversation about the future of technological innovation in India and the world.

Meanwhile, Apple clocked nearly 8 billion dollars in revenue in India in the last fiscal year (FY24). Apple has achieved record export numbers of around 3.8 billion dollars in the April-June period (Q1 FY25) in the country.