Foxconn to invest $1 Billion in India for manufacturing Apple's Iphone

Foxconn plans to invest up to $1 billion to expand a factory in Sriperumbudur, Tamil Nadu where the Taiwanese contract manufacturer assembles Apple iPhones.

"There's a strong request from Apple to its clients to move part of the iPhone production out of China,"

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.Taipei-headquartered Foxconn will add some 6,000 jobs at the Sriperumbudur plant under the plan. It also operates a separate plant in the southern Indian state of Andhra Pradesh, where it makes smartphones for China's Xiaomi Corp, among others.Foxconn Chairman Liu Young-way last month said it would ramp up its investment in India, without giving details.Building more phones in the country will also help Apple save on import taxes that further push up its prices.Apple assembles a few models through Taiwan's Wistron Corp in Bengaluru. Wistron is also set to open a new plant, where it plans to make more Apple devices, Reuters previously reported.

"With India's labour cheaper compared with China, and the gradual expansion of its supplier base here, Apple will be able to use the country as an export hub," said Neil Shah of Hong Kong-based tech researcher Counterpoint.

India is also working to boost electronics manufacturing by firms such as Foxconn and last month launched a $6.65 billion plan, offering five global smartphone makers incentives to establish or expand domestic production.Having Apple widen its local presence is likely to be a boost for Prime Minister Narendra Modi's flagship "Make In India" drive, aimed at creating new jobs.

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