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Apple Maker Foxconn to invest $1 Billion in India, will also add about 6,000 jobs over next 3 years

Foxconn plans to invest up to $1 billion to expand a factory in Sriperumbudur, Tamil Nadu where the Taiwanese contract manufacturer assembles Apple iPhones, two sources said. The move, the scale of which has not previously been reported, is part of a quiet and gradual production shift by Apple away from China as it navigates disruptions from a trade war between Beijing and Washington and the coronavirus crisis.

Foxconn’s planned investment in the Sriperumbudur plant, where Apple’s iPhone XR is made some 50 km west of Chennai, will take place over the course of three years, the second source said.

Some of Apple’s other iPhones models, made by Foxconn in China, will be made at the plant, said both sources, who declined to be identified as the talks are private and details have yet to be finalised.

The investment is said to take place over three years and will also add about 6,000 jobs at the Sriperumbur plant in Tamil Nadu state, which at present manufactures iPhone models in India. The plant manufactures the iPhone XR, Apple’s cheaper flagship-class iPhone. The older version of the iPhone SE and some other models that have been discontinued by the company globally were also manufactured in Sriperumbur plant.

Taiwanese manufacturer Foxconn plans to invest up to $1 billion, or around Rs 7,500 crore, to expand its existing plant in Tamil Nadu, Reuters reported Friday quoting sources.

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