Foxconn on investment spree in India; announces USD 600 mn for Karnataka plants

NEW DELHI: In a bid to diversify its operations from China to India, Taiwanese electronic manufacturer Foxconn announced a slew of projects in India in the past few months. Foxconn, the world’s second-largest electronic manufacturing company, on Wednesday, signed a Letter of Intent (LOI) to invest USD 600 million in Karnataka for two projects.

The company will invest around USD350 million to set up an iPhone component facility. For the second project, it has partnered with US-tech-giant Applied Materials in a USD250 million venture to make chip-making tools.