Foxconn Subsidiary Ennoconn to Enter India, Strengthening Industrial Automation

In a major fillip to India's Make in India program and the production-linked incentive (PLI) scheme, Taiwanese manufacturing behemoth Foxconn has had its business in India rise to $10 billion by the previous fiscal year.

Apple's business in India, meanwhile, reached a whopping $23.5 billion in FY24, further cementing India's emerging position as a robust manufacturing alternative to China and Vietnam.

As a major global supplier of Apple, Foxconn has already spent $1.4 billion in India, with more investments lined up.

Foxconn CEO and Chairman Young Liu has shown firm belief in the growth potential of India, stressing that Hon Hai Technology Group (Foxconn) is dedicated to making the country a world manufacturing hub.

During his India trip last week, Liu held talks with some of the top leaders, including Prime Minister Narendra Modi, regarding Foxconn's increasing investments in Tamil Nadu, Karnataka, and Telangana. He also had interactions with state chief ministers and cabinet ministers to identify more opportunities.

Union Minister for Railways, Electronics, IT, and I&B, Ashwini Vaishnaw, recognized Foxconn's continued efforts, saying, "As we strive to make Bharat a global manufacturing hub, we welcome Chairman Young Liu's continued investment proposals."

In his meeting with PM Modi, Liu discussed possible prospects in cutting-edge areas like artificial intelligence (AI), semiconductors, and domestic electronics manufacturing.

Telangana Chief Minister Revanth Reddy also invited Foxconn to invest in the proposed Fourth City close to Hyderabad. Liu acknowledged Hyderabad's potential for robust development in both industrial and service industries.

At the same time, the Karnataka government said it had made considerable headway on Foxconn's iPhone factory in Bengaluru Rural district. The $2.6 billion (Rs 22,000 crore) investment will provide jobs for more than 50,000 individuals. Foxconn is also developing Project Cheetah, a facility for producing and assembling mechanical parts for electric vehicles (EVs), for which the company has purchased private land in Bengaluru.

Foxconn's Chairman also met with Leader of Opposition Rahul Gandhi and had a discussion regarding the future of technology innovation in India and worldwide.

Simultaneously, Apple registered close to $8 billion in revenue from India in FY24 and reached record exports of around $3.8 billion during the April-June quarter (Q1 FY25), further solidifying its position in the country's growing manufacturing landscape.