Foxconn is planning to expand in India as overall industrial environment is improving in the country and amid an “upgrade in government efficiency, its Chairman Young Liu said. Liu said India has growing importance for the world’s largest contract manufacturer amid tensions with China.
“We think India will play a very important role in the future. So, overall, I think our development in India, I see it actively heading in a positive direction – that is, it is going to get better and better,” Liu told investors and analysts during the company’s second-quarter earnings call last week, according to an ET report.
Liu added that overall, on India, the group’s development in India will be actively expanding, according to the report, which quoted an edited earnings transcript. Taiwan-based Foxconn is the world’s largest contract manufacturer.
In June, he also met Prime Minister Narendra Modi and officials in the Ministry of Electronics and IT (MietY) on electric vehicle manufacturing and product expansion in electronics and semiconductor manufacturing.
Modi said he welcomes the company’s plans for expanding its electronics manufacturing capacity in India. “Glad to meet Mr. Young Liu, Chairman, Foxconn. I welcome their plans for expanding electronics manufacturing capacity in India, including in semiconductors,” Modi had said in a tweet.
“Our push for EV manufacturing is in line with our commitment of net zero emission,” he said.
Foxconn manufactures smartphones for Apple, HMD and Xiaomi, televisions for Vu, EV components for Aether Energy and Ola Electric, hearables for Boat and telecom and networking products for ZTE in India through its three manufacturing units.
Bharat FIH, formerly known as Rising Stars Mobile India, a Foxconn Technology Group company, in June in an addendum to its draft red herring prospectus (DRHP) said: “Since March 2021 we have commenced business with market leading brands in the new industries we are diversifying into. These include Ather Energy Private Limited (“Ather Energy”) and Ola Electric Technologies Private Limited (“Ola Electric”) (electric vehicles), Vu Technologies Private Limited (“VU”) (televisions), a major global telecom network customer and ZTE Telecom India Private Limited (“ZTE”) (telecom and networking products), and Imagine Marketing Private Limited (“boAt”).”
In April this year, Vedanta Chairman Anil Agarwal had also said the company will set up a semiconductor manufacturing plant in partnership with Foxconn, in the next two years. Vedanta had already entered into a pact with electronics manufacturing giant Foxconn to form a joint venture for manufacturing semiconductors in India.
Agarwal termed the signing up of the pact with Foxconn as a “very big job”, and said that the semiconductor industry will promote other sectors like automobiles and electronics in the country.
Read the Latest News and Breaking News here
Comments
0 comment