Hon Hai Precision Industry Co. (??), the world's largest contract electronics maker, is planning to announce details of its US$5 billion investment plan to expand production facilities in India this year, according to India media reports.
The Times of India stated in a report on its website on Tuesday that Hon Hai, known as Foxconn outside Taiwan, indicated on Dec. 30, 2016 in reply to an e-mail from the India newspaper, that it plans to start working on the investment plan this year. However, a timetable was not provided.
The report said that Hon Hai had previously failed to discuss its plans after announcing in 2015 a plan to invest US$5 billion on a new manufacturing facility in the state of Maharashtra over the next five years.
In response to the report, Hon Hai issued a statement, saying that the project is still being assessed.
The progress made by Hon Hai toward increasing its presence in the country has attracted great attention from Indian media outlets.
The Business Standard on Monday cited a Gujarati official who said that Foxconn, the biggest contract manufacturer for Apple, will open its first iPhone manufacturing unit in India in Ahmedabad.
Foxconn Chairman Terry Gou has previously said that the company aims to develop 10-12 facilities in India by 2020 and plans to work with its Indian partners on the roll out of online services, mobile Internet, e-commerce and renewable energy projects.
Foxconn intends to make India a key global manufacturing hub servicing markets across Africa and West Asia, which could result in an inflow of billions of dollars, according to an earlier Times of India report.
Currently, the company has operations in Sri City, Andhra Pradesh, Sriperumbudur in Tamil Nadu and Navi Mumbai in Maharashtra, the report said.
Source: Focus Taiwan News Channel