NEW DELHI: Taiwanese contractor Foxconn has been given permission to invest at least another $1 billion in a factory in India that will make Apple products, a first step toward its goal of building a platform outside China, media reported Wednesday.
Bloomberg reported citing sources thatFoxconn intends to spend the approved amount on top of the $1.6 billion it earlier set aside for the 300-acre site close to the Bengaluru airport. The new amount will bankroll additional capacity for Apple devices, including likely the iPhone.
With the most recent approval of spending, the Taiwanese firm will have allocated roughly $2.7 billion to the site.
Apple’s main production partner, Foxconn, has increased its budget for the factory at least once this year. It started in early 2023 with the goal of making an investment of just $700 million in the complex located in Karnataka.
Meanwhile, Tata Group is making plans to build one of India’s largest iPhone meeting plants in Hosur, Tamil Nadu.
According to media reports, the facility is expected to feature around 20 assembly lines and employ 50, 000 workers within two years. The site is expected to be operational within 12 to 18 months.
The move is considered as part of Apple’s aim to expand manufacturing operations in the South Asian country. Tata already operates an iPhone manufacturing unit in Karnataka, which it purchased from Wistron Corp.