Taiwan’s Foxconn Technology Group plans to invest US$3.5 billion in India in the coming years. That’s according to a report on Monday by the India-based newspaper The Business Standard. Foxconn is the world’s largest contract electronics manufacturer and makes many of Apple’s products.
According to the paper, Foxconn Vice President Josh Fougler said the company’s investment will include the manufacturing of smartphones, software, TVs, and other electronics.
The report said Fougler revealed the investment plan in a meeting with chief minister of the Indian state of Andhra Pradesh, N. Chandrababu Naidu, who was on a visit to China.
China is home to most of Foxconn’s 1.3 million employees. With the rising wages in China, the company is looking to control costs by moving its production lines to other markets.
The latest report followed another one by India’s The Economic Times that said Foxconn is planning production facilities in Gujarat and Uttar Pradesh.