Foxconn the Taiwan based assembly partner of Apple is planning to participate in India’s ‘Make in India’ initiative by opening 10-12 plants in the country. According to a report by Wall Street Journal Foxconn Chairman Terry Gou also confirmed to the rumors about looking to buy shares in one of India’s biggest e-commerce firm Snapdeal.
Although, Gou refused to reveal any more details about Foxconn’s endeavor in India he stated that the Taiwan based major will invest a few billion dollars in the country. Naturally, such a huge amount of investment talks volumes about Foxconn’s plans for Indian market even though its not public yet.
The company may not be ready to admit it but with such big and huge investment Foxconn would be hoping to expand its wings out of china. While daily wages in China are growing India is rolling red carpet for foreign investors through its Make in India initiative to lure foreign investment and timing couldn’t be better for Foxconn.
Although, the ‘few billion dollar invest’ and 10-12 plants plan would be completed in a span of 4-5 years we may see Foxconn functioning in India within a year or two. If all goes well it’s safe to say that we may soon see an “Assembled in India” sign on Apple’s iPhones, iPads and Amazon’s Kindle. Soon we will have more official word on this when Chairman Terry Gou visit India in July.
Foxconn is world’s largest contract based electronics assembly company that currently owns most of its plants in China where it assembles many popular electronic products.