World’s largest provider of electronics manufacturing services, Foxconn is reportedly planning to invest $1 billion in its India facility.
Apple is gradually moving its production line from China and scaling up the manufacturing process in India. Foxconn is helping Apple to expand its ambitious plan. The expansion will happen in Sriperumbudur, Tamil Nadu where the two companies are already assembling the iPhone XR. Sriperumbudur is approximately 40 km southwest from Chennai city.
The expansion plan is expected to be finished in 3 years and it will allow other iPhone models to be made in India. Sources told Reuters that these investments will add over 6,000 jobs to the Sriperumbudur facility.
India is the second-largest smartphone market in the world. The country has high import taxes, which makes Apple’s product prices too high when compared to the competition. Building products locally can help Apple reduce some costs, which may result in more attractive prices for consumers.
Apple has already confirmed that they plan to open the first Apple Store in India by 2021.
