Foxconn Nears $12 Billion Investment in India Thanks to Booming Business in 2020

A leading Electronics Manufacturing Services (EMS) provider, renowned as the world's largest, has reported that its global revenues amounted to 5% of its total turnover.

Foxconn's Business in India Hits $10 billion, to Bet $2 Billion More

Foxconn’s Indian business has reached annual revenues of approximately $10 billion through its 30 factories, as announced during an analyst call following the company’s second quarterly financial results. This accounts for about 5% of the company’s global revenues and signifies its position as the world’s largest EMS player. While Foxconn operates in multiple countries, it aims to reduce its dependence on China and has been making major investments in India. The chairman, Young Liu, stated that the planned $2 billion investment in India is just the beginning, given the country’s potential market size. Foxconn currently operates nine production campuses and over 30 factories in India with an annual turnover of around $10 billion. The company plans to expand its operations in India to include critical components for consumer electronics and electric vehicles in order to enhance its competitiveness. Construction for these operations has already begun and will be carried out in three Indian states. Despite a one percent drop in second-quarter net profits and a 14% decrease in revenues compared to the previous year, Foxconn remains dedicated to growing its presence in India.