Foxconn denies signing pact with India-based Gautam Adani
Foxconn Electronics has denied a Taiwan media report indicating that it plans to team up with India-based Gautam Adani to jointly set up production lines for the manufacture of Apple products in India.
The planned joint venture will call for total investment of up to US$5 billion and aims to produce up to 400 million iPhone devices a year initially, the Chinese-language Commercial Times reported.
The production facilities are likely to be located in the special economic zones in Mundra and Gujarat, respectively, said the paper.
Foxconn said that it is currently evaluating various business opportunities emerging from India and will then submit its assessment to the board of directors for approval.
However, Foxconn has tied up with India-based e-commerce operator Snapdeal as well as handset vendor Micromax and is looking to ink cooperation pacts with GreenDust and Gautam Adani, said the paper, citing company chairman Terry Gou, who is currently visiting India.