Apple manufacturer Foxconn to invest $1 bn in Tamil Nadu plant over next 3 years: Report

An iPhone XR
Representational image | David Paul Morris/Bloomberg

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New Delhi: Taiwanese manufacturer Foxconn plans to invest up to $1 billion, or around Rs 7,500 crore, to expand its existing plant in Tamil Nadu, Reuters reported Friday quoting sources.

Foxconn is a contract manufacturer that assembles Apple iPhones as well as phones for other brands like Xiaomi.

The planned investment in the Sriperumbudur plant will take place over three years, the agency reported. This plant is where the company manufactures Apple’s iPhone XR series.

The development comes even as another Apple contract manufacturer Wistron is also planning massive investment to scale up production in its plant in Karnataka.

These moves are part of the efforts of global companies to diversify their supply chains and reduce dependence on China.

Apple is reported to be moving away from China to minimise disruptions on account of the US-China trade war and the Covid pandemic.

Also read: Imperative banks raise capital as pandemic could increase NPAs, says RBI’s Shaktikanta Das

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