iPhone maker Foxconn to invest about $700 million in a new plant in India

Emmanuel Oyedeji -

Apple's top manufacturer Foxconn Technology Group has announced plans to invest about $700 million in a new plant in India to ramp up local production, according to Bloomberg, citing people familiar with the matter.

Foxconn’s investment in India underscores its accelerating shift of manufacturing away from China as Washington-Beijing tensions grow. It also underlines Apple's plan to re-examine its China-reliant supply chain after covid-related disruptions at Foxconn's plant late last year stifled production and impacted holiday sales.

Last month, Apple said it was looking to boost production in India and diversify from its primary manufacturing hub in China with the help of its partner Foxconn, from the current 5% to about 25% of its global production.

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TechloyEmmanuel Oyedeji

The new production site in India is expected to create about 100,000 jobs, and will potentially boost the country’s share of iPhone assembly to 10-15% from the sub-5% currently, a person familiar with the matter said.

It is however still unclear if the new plant is a direct replacement of Foxconn's sprawling iPhone assembly complex in the Chinese city of Zhengzhou which currently employs some 200,000 workers.