Foxconn says looking at long-term investments in India

By: | Updated: August 5, 2015 12:01 PM

Foxconn, the trade name for Hon Hai Precision Industry Co Ltd, will invest in India as it builds a supply chain in the country, in a move that may help the country's efforts to build a technology manufacturing base.

foxconn investmentTerry Gou, founder and chairman of Taiwan’s Foxconn Technology, gestures during a news conference in New Delhi, India. (Reuters)

Foxconn, the trade name for Hon Hai Precision Industry Co Ltd, will invest in India as it builds a supply chain in the country, in a move that may help the country’s efforts to build a technology manufacturing base.

Taiwan-based Foxconn is the world’s largest contract maker of electronic products and counts Apple, Blackberry, Xiaomi and Amazon among clients.

On Tuesday, Foxconn founder Terry Gou said he was looking at setting up manufacturing units in various Indian states and possible partnerships in the world’s fastest growing smartphone market.

He had said in May that Foxconn was aiming to develop 10-12 facilities in India, including factories and data centres, by 2020.

On Tuesday the Foxconn CEO said he was looking at India with a timeframe of more than ten years in mind, but had not decided firm investment figures yet.

Gou said he had spoken with India’s Prime Minister Narendra Modi, who is seeking to build up manufacturing in the country.

Local businessmen are hoping that as Foxconn and other companies invest in the country, suppliers will follow.

Gou said he was looking to make components such as batteries and data storage units in the country, not just assembly units.

Foxconn‘ plans to work with India’s Adani Enterprises , as well as local smartphone and e-commerce companies Micromax <IPO-MINF.NS> and Snapdeal, Gou said.

Earlier on Tuesday Adani said it was in discussions with Foxconn but no deal had been signed.

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