“Foxconn’s annual revenue last year was more than $200 billion. And from the perspective of India’s potential market size, and if we can fully implement our plans there, I think several billion dollars in investment, and is only the beginning,” said Young Liu, Chairman of Taiwan’s Hon Hai Technology Group, the world’s largest electronics manufacturer.
“I was just at the Semicon India last month. I really enjoyed my time there. There was excitement around the participants about what we can be, what can supply chain achieved, and a determination to get there,” he told newspersons while discussing the company’s second-quarter financial results. He was responding to a question on the company’s India plans.
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“And the India question has come up at the past two quarterly investor calls, which tells me that there is a positive energy for this market. As I said before, our capex this year will grow from last year. That outlook has not changed,” he said.
In India, Foxconn presently operates about nine campuses, the total size will be the equivalent of more than 500 football fields. The company has over 30 factories in India that turn over a business size of roughly about $10 billion dollars annually. The company has 20 dormitories that are shelters and safety for tens of thousands of employees who worked at Foxconn in India, he said.
- Also read: Also read: Foxconn to expand presence in India, seeks more govt incentives
Chairman Liu pointed out that since Hon Hai entered India in 2005, its revenue, number of employees, and investment scale have grown exponentially. At present, it is mainly engaged in the ICT final assembly business. Going forward, Hon Hai will actively deploy work in the area of key components to raise its competitiveness in India.
In addition, to existing operations in the Andhra Pradesh and Tamil Nadu states, Hon Hai will also deploy in Karnataka, Telangana, and other states. Through close cooperation with central and local governments, Hon Hai will plan to establish industrial parks and optimize the business environment in terms of infrastructure, policies and laws.
“Hon Hai will continue to implement the Build, Operate, and Lease strategy in Southeast Asia, including in Vietnam, Thailand, and Indonesia, to assist local partners to improve the supply chain and enhance indigenous competitiveness. We will also actively share global resources with these partners to expand the local market and share in the achievements,” he said.
Published on August 14, 2023
