Mumbai, India
The Indian government announced this week approval of Foxconn’s strategize to invest an additional $1 billion in a manufacturing plant expected to produce the iPhone.
The Karnataka government acknowledged Tuesday it had approved a 139.11 billion rupee ($1.7 billion) investment from Foxconn in the state, though it stopped short of detailing how the money will be used.
That ups Foxconn’s total outlay in the region to $2.7 billion. Foxconn is developing a 300-acre site located near the airport that services the Karnataka capital of Bengaluru.
The additional money Foxconn will invest likely will help to bankroll additional iPhone manufacturing capacity, according to the report. Some investment capital may also be used to ramp up production of devices and components for other Foxconn manufacturing partners, including parts for electric vehicles.
Foxconn continues to enlarge its manufacturing outside of China amidst global tensions and an economic downturn.
Apple has actively encouraged its suppliers to shift manufacturing out of China, although China remains Apple’s dominant source for parts and manufacturing.
