Foxconn Looks To Invest $5 Bn In India To Establish Manufacturing Hub Foxconn Looks To Invest $5 Bn In India To Establish Manufacturing Hub
Foxconn Is In Talks With State Governments Including Maharashtra, UP, Haryana Foxconn Technology Group is looking to invest up to $5 Bn in India , to explore the possibility of establishing a manufacturing hub parallel to China. The Indian hub will be instrumental for export to markets across Europe and the US. A top official at the Taiwanese company told TOI that Foxconn will soon ramp up Indian operations in an “exponential manner.” This move is powered by the implementation of GST, and the imposition of an import duty on mobiles phones . The levy of the duty and the tax combined will discourage sourcing goods from China and other foreign locations. Last week, the government imposed a 10% customs duty on phones and key parts such as chargers, headsets, batteries and USB cables. This will give an impetus to investments in local manufacturing. The source further added, “India is already high on our priority list, and we now plan to step up investments and business he