iPhone maker Foxconn plans extra $1.54 billion plant in India

Foxconn is doubling its investment in India with a further $1.54 billion going to a further manufacturing plant that is expected to produce iPhone.

Apart from pulling out of a $19.5 billion joint venture for processor manufacturing with India firm Vedeanta, Foxconn has been stepping up its production in the country. As recently as August 2023, Foxconn was reported to be investing $500 million in two new plants in Karnataka, southern India.

Now according to Nikkei Asia, Foxconn parent company Hon Hai Precision Industry has submitted a securities filing that says it is to spend $1.54 billion in a new plant.

The filing says only that the plant is being built to meet what it describes as "operational needs." There is no indication of where in India the facility will be built.

There is also no further indication of what may be produced in the plants, but Nikkei Asia reports that an unnamed industry source says it will be to produce iPhones. It may also be for testing and product development.

Foxconn's increased production in India comes as the country has been benefited from multiple Apple suppliers moving there from China.