Apple products manufacturer Foxconn will be investing $1.5 billion in India as it gears to expand operations outside of China.
The world's largest electronics supplier said the investment pledge will help meet "operational needs" amid the rising demands from its major clients.
Foxconn has been expanding its facilities in southern India over the past years, having an iPhone factory in Tamil Nadu with 40,000 employees.
A company executive previously said in September that Foxconn aims to double its investment efforts in India, stating that the "several billion dollars in investment is only a beginning."
The investment was made via Foxconn's subsidiary, Hai Technology India Mega Development. Foxconn did not provide further details on the deal in its stock exchange filing on Monday.
Also Read: Apple Contractor Foxconn Invests $500 Million in India to Diversify Supply Chain
Reassessing Operations on China
Foxconn has been considering moving most of its operations outside of China after COVID-19 lockdowns had an impact on the company's operations in 2022.
Apple has also started to redirect 25% of its iPhone manufacturing in India due to working issues in Chinese factories and the growing geopolitical tension in the country.
Employees have called out against harsh working conditions in Foxconn's factory in Zhengzhou, China, halting production.
The tech giant said it sees potential growth for device manufacturing in India.
Foxconn Products Aside from iPhones
While Foxconn is known as the largest supplier of iPhones, the Taiwanese company has been manufacturing other electronics for other big tech wigs.
The electronics supplier provides smartphones, wearables, computers, and networking devices for Meta, Microsoft, Google, and Amazon.
In order to further expand its deliverables, Foxconn has started to provide other electronic services to other companies, prompting the need for more facilities.
Foxconn earlier signed a deal with Nvidia to build "AI factories" for the chip builder's new line of AI chips.
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