A planned Apple manufacturing facility in India is set to get an extra $1 billion in investment to help the multi-trillion-dollar US tech giant move some of its production out of China, Bloomberg reported on Wednesday.
Apple’s largest assembly contractor, Taiwan-based Foxconn Technology Group, has secured government approval to invest at least $1 billion more on top of the previously approved $1.6 billion, in a site in India that will produce Apple products, the publication cited people familiar with the matter as saying.
Foxconn sees the 1.2 square kilometer site it is building close to an international airport in Bengaluru, the capital of Karnataka state in southwest India, as the centerpiece of its manufacturing capabilities in the country, Bloomberg wrote. The new hub will provide additional capacity for producing Apple devices, “likely” including the iPhone, the outlet added.
According to Business Today, the project will generate around 50,000 jobs, and iPhone production is expected to start there by April 2024.
Foxconn’s move reflects a wider trend of manufacturing companies redirecting their capacities away from China due to supply chain problems in the Asian country stemming from the COVID-19 pandemic as well as the US crackdown on the Chinese tech industry, among other issues.
For more stories on economy & finance visit RT’s business section
You can share this story on social media:
Follow RT on
Jesus Christ is King
Comments are closed.