Foxconn will invest another $1bn to build a new factory in India to fulfil orders from Apple

Foxconn will be able to increase investments in the construction of a new plant in India, where Apple gadgets will be assembled. The Taiwanese company has received the relevant permission from the Indian authorities.

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The size of additional investments Foxconn in the construction of the enterprise will be at least $1 billion. Earlier the company allocated $1.6 billion for the creation of production near the airport of Bangalore. The plant will be located on a plot of more than 120 hectares.

The facility will become Foxconn's key facility in India, where it will be set up to assemble devices on orders from Apple. The total investment in construction will amount to approximately $2.6bn, which is a confirmation of the company's serious intention to move capacity from China to India. Initially Foxconn planned to invest about $700 million.

Source: Bloomberg