Taiwanese company Foxconn, which produces electronic devices for Apple iPhones and many other companies, is increasing its investments in India. Foxconn will spend another 1.54 billion dollars (1.41 billion euros) there for ‘business purposes’, the company announced on Tuesday. The company, officially called Hon Hai Precision, wants to reduce its dependence on China.
Foxconn is currently the largest private employer in China with more than one million employees. In May, the company announced that it had purchased a building on the outskirts of the Indian industrial metropolis of Bangalore.
The company wants to invest “several billions”.
Foxconn President Young Liu announced “multi-billion dollar” investments in India. The group already produces at 30 locations in India.
Other companies such as Google and Samsung are also currently investing heavily in India. They also want to reduce their dependence on China, and the country is already the second largest smartphone market after the People’s Republic.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
