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TAIPEI: Taiwanese tech big Foxconn confirmed on Saturday that its chairman had visited India, however denied it had “entered into any binding, definitive agreements” after stories saying it was planning new investments within the nation.
Additionally identified by its official title, Hon Hai Precision Trade, Foxconn is the world’s largest contract electronics producer and a principal assembler of Apple iPhones.
Each corporations are in search of to diversify away from China, the place a lot of their manufacturing is predicated, after strict Covid insurance policies final 12 months and ongoing diplomatic tensions with the USA harm manufacturing.
Foxconn mentioned in an announcement on Saturday that no offers had been finalised throughout chairman and CEO Younger Liu‘s go to to India from February 27 to March 4.
“Foxconn has not entered into binding, definitive agreements for brand spanking new investments throughout this journey,” the assertion mentioned.
“Negotiations and inside overview are ongoing. Monetary funding sums mentioned in media will not be info being launched by Foxconn.”
The assertion comes after Karnataka chief minister Basavaraj S Bommai, tweeted on Friday that Apple would “quickly” manufacture iPhones at a brand new plant within the state, creating “about 100,000 jobs”.
Bloomberg Information reported Foxconn was planning to speculate $700 million in a brand new manufacturing unit in Karnataka, citing unnamed sources.
The workplace of the chief minister of neighbouring Telangana state, Chandrashekar Rao, additionally tweeted that Liu had signed an settlement on Thursday to “arrange electronics manufacturing amenities”.
Foxconn mentioned employment figures at present being reported “don’t equate to direct jobs” with the corporate.
“My journey this week supported Foxconn’s efforts to deepen partnerships… and search cooperation in new areas reminiscent of semiconductor improvement and electrical autos,” Liu mentioned within the assertion.
He additionally met earlier this week with Prime Minister Narendra Modi, who tweeted on Wednesday that the pair’s “discussions lined numerous subjects geared toward enhancing India’s tech and innovation eco-system”.
Foxconn has manufactured Apple handsets in India since 2019 at its plant within the southern state of Tamil Nadu.
Two different Taiwanese suppliers, Wistron and Pegatron, additionally manufacture and assemble Apple gadgets in India.
Apple mentioned final September it could manufacture its newest iPhone 14 in India, simply weeks after launching the flagship mannequin.
However the nation accounts for lower than 5 p.c of Apple’s international manufacturing, in accordance with Bloomberg, lagging behind the USA, China, Japan and 5 different international locations.
Apple’s increasing manufacturing in India is a lift to PM Modi’s ‘Make in India‘ technique, beneath which he has urged international companies to fabricate items within the South Asian nation.
Additionally identified by its official title, Hon Hai Precision Trade, Foxconn is the world’s largest contract electronics producer and a principal assembler of Apple iPhones.
Each corporations are in search of to diversify away from China, the place a lot of their manufacturing is predicated, after strict Covid insurance policies final 12 months and ongoing diplomatic tensions with the USA harm manufacturing.
Foxconn mentioned in an announcement on Saturday that no offers had been finalised throughout chairman and CEO Younger Liu‘s go to to India from February 27 to March 4.
“Foxconn has not entered into binding, definitive agreements for brand spanking new investments throughout this journey,” the assertion mentioned.
“Negotiations and inside overview are ongoing. Monetary funding sums mentioned in media will not be info being launched by Foxconn.”
The assertion comes after Karnataka chief minister Basavaraj S Bommai, tweeted on Friday that Apple would “quickly” manufacture iPhones at a brand new plant within the state, creating “about 100,000 jobs”.
Bloomberg Information reported Foxconn was planning to speculate $700 million in a brand new manufacturing unit in Karnataka, citing unnamed sources.
The workplace of the chief minister of neighbouring Telangana state, Chandrashekar Rao, additionally tweeted that Liu had signed an settlement on Thursday to “arrange electronics manufacturing amenities”.
Foxconn mentioned employment figures at present being reported “don’t equate to direct jobs” with the corporate.
“My journey this week supported Foxconn’s efforts to deepen partnerships… and search cooperation in new areas reminiscent of semiconductor improvement and electrical autos,” Liu mentioned within the assertion.
He additionally met earlier this week with Prime Minister Narendra Modi, who tweeted on Wednesday that the pair’s “discussions lined numerous subjects geared toward enhancing India’s tech and innovation eco-system”.
Foxconn has manufactured Apple handsets in India since 2019 at its plant within the southern state of Tamil Nadu.
Two different Taiwanese suppliers, Wistron and Pegatron, additionally manufacture and assemble Apple gadgets in India.
Apple mentioned final September it could manufacture its newest iPhone 14 in India, simply weeks after launching the flagship mannequin.
However the nation accounts for lower than 5 p.c of Apple’s international manufacturing, in accordance with Bloomberg, lagging behind the USA, China, Japan and 5 different international locations.
Apple’s increasing manufacturing in India is a lift to PM Modi’s ‘Make in India‘ technique, beneath which he has urged international companies to fabricate items within the South Asian nation.
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