Foxconn signs a $194 million deal to build a new plant in India

As part of its strategy to diversify its manufacturing base beyond China, Foxconn, Apple's top manufacturer, has struck a significant deal with Tamil Nadu, India, to invest 16 billion rupees (~ $194 million) in a new electronic components manufacturing facility.

This venture is expected to generate 6,000 jobs, boosting employment opportunities in the region.

The Foxconn Industrial Internet (FII) facility will be constructed in the Kancheepuram district near Chennai, the state capital. The company noted that this facility will be separate from Foxconn's sprawling campus in Chennai, where the company assembles Apple's iPhones.

There is little information on whether the components produced in the new manufacturing job will be exclusively for iPhones or for other companies as well.

Currently, the Taiwan-based electronics company employs approximately 40,000 workers at its facility near Chennai. Still, the company has ambitious plans to expand its Tamil Nadu iPhone factory by four times its current workforce by late 2024 as part of its larger diversification plans beyond China.

According to Reuters, the target completion of the new plant is scheduled for 2024 presenting a significant opportunity for Tamil Nadu to boost its electronics manufacturing sector and attract further high-tech advancements to the region.

Also, the investment by Foxconn is a sign that India is becoming an attractive destination for electronics manufacturing.