Indian Economy News

Apple supplier Foxconn will invest US$ 500 million in India’s Telangana state

According to Telangana's IT, Industries, and Municipal Administration Minister, Mr. K.T. Rama Rao, Apple Inc. supplier Foxconn would invest US$ 500 million to set up manufacturing units in Telangana. In the first phase, the investment is expected to generate over 25,000 jobs.

In March, Reuters claimed that Foxconn had won an order to produce Apple's AirPods and intended to build a factory in India to do so. The Karnataka government granted Foxconn permission to spend US$ 968 million in the state at the end of March.

Apple has been shifting production away from China, where prior COVID restrictions disrupted the manufacturing of new iPhones and other devices.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.