Foxconn plans massive investment in India
EMS-giant Foxconn is looking to increase its manufacturing footprint in India. The Taiwanese company is aiming to set up 10-12 new facilities – including factories and data centres – by 2020.
An investment of this size also comes with a sizeable price tag, the company would invest up to “few billion dollars” in developing the facilities, according to a Reuters report citing Foxconn chairman Terry Gou.
Terry Gou told Reuters that a lot of the company’s Chinese costumers need Foxconn to manufacture in India. But did not specify how many jobs the proposed investment would create.
However, it wasn’t long since the company closed down it’s mobile phone facility in Southern India. Foxconn never detailed the reason behind the decision to close beyond citing changes in the company’s customer base, the report continues.
Chinese wages has more than doubled since 2010, which could be a reason to why Foxconn is making the investment at this time. Afterall, the company have some 25 manufacturing facilities in China.
The new Indian facilities will be modelled on the company’s Guiyang facility, Gou told Reuters.
While ink has yet to meet paper, Gou told Reuters that he hopes to sign a contract by the end of the year.