Taiwan-based Apple supplier Foxconn will invest $1.67bn in India’s Karnataka statethe state government has said.
Foxconn, which assembles roughly 70% of all iPhones in the world, has been looking to diversify production away from China following Covid-19 disruptions and rising tensions between the West and Beijing.
At the end of November, the company announced plans to double the number of jobs in India and invest $1.5bn in its operations there.
The announcement came after the company said in August that it was planning to invest $600m in two projects in Karnataka. The two projects will focus on making iPhone casing components and chip-making equipment.
The government did not provide further details about plans to expand investment in Karnataka.
India has enjoyed growing inward FDI over the past decade, becoming the destination of choice for several companies in the manufacturing and service-based sectors. Among the top projects listed for 2022 in the country came Foxconn, which last year announced creating over 50,000 jobs over a two-year period. The company is expected to start manufacturing iPhones in Karnataka by April 2024.
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