Foxconn is planning "billions" of dollars in investments in the world's most populous nation, India, as multinational corporations seek to diversify their supply chains beyond China.
Foxconn's India operations account for approximately $10 billion — or just under 5% — of the company's annual revenue, which totaled $6.627 trillion new Taiwan dollars ($207 billion) last year, according to Foxconn Chairman Young Liu's remarks on a Monday earnings call.
In response to a query from CNN, he stated, "There is positive energy for this market." "From the perspective of India's potential market size and if we can fully implement our plans there, I believe that investments of several billion dollars are just the beginning."
Liu stated that he saw opportunities to expand Foxconn's business in the production of key components for consumer electronics and electric vehicles (EVs), a significant growth area for the company.
Foxconn, which is best known for manufacturing iPhones for Apple (AAPL), has more than 30 factories in India, as well as 20 dormitories housing tens of thousands of employees. There, operations commenced in 2006.
In July, the company withdrew from a proposed $19.4 billion chipmaking joint venture in India with the Indian metals and energy conglomerate Vedanta (VEDL). It was viewed as a setback for New Delhi's ambitions to transform India into a tech manufacturing juggernaut.
Foxconn stated shortly thereafter that it remained committed to investing in Indian chip manufacturing, and that it will apply for a government programme that subsidises the cost of establishing semiconductor or electronic display production facilities.
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