Foxconn, officially known as Hon Hai Precision Industry Co Ltd., has experienced substantial growth in its Indian operations, surpassing $10 billion by the end of the fiscal year 2024, according to a report by PTI on August 18. Chairman and CEO Young Liu revealed that the iPhone manufacturer has so far invested $1.4 billion in India.
Liu noted that the company’s business volume in India has exceeded USD 10 billion as of last year, and he anticipates even greater expansion in the coming year. During his visit to India, Liu highlighted the company’s commitment to the country, including the construction of a women-only residential complex near the Foxconn manufacturing plant.
The complex, developed by the State Industries Promotion Corporation of Tamil Nadu (SIPCOT), is designed to accommodate over 18,000 female employees. The facility, spread across 20 acres, has an estimated cost of ₹706 crore. Liu expressed his optimism about India’s growth trajectory, stating that after visiting numerous states, he believes India is on an upward path and that Foxconn is eager to grow alongside the country.
Liu’s visit began with a meeting with Indian Prime Minister Narendra Modi on Wednesday, during which they discussed Foxconn’s investments in Tamil Nadu, Karnataka, and Telangana. Following this, Liu met with the Chief Ministers of these states. In his discussions, Liu emphasized Foxconn’s inclusive hiring practices, noting that the company does not discriminate based on gender.
He specifically mentioned that married women play a significant role in the company’s workforce, despite a previous report alleging discrimination against married women in Foxconn’s hiring practices. Foxconn has refuted these claims, stating that 25 percent of its new hires are married women and that women constitute nearly 70 percent of the workforce at its Tamil Nadu plant, making it the largest factory in India for female employment.
The company currently employs 48,000 individuals in India. Liu underscored the importance of creating a safe and supportive work environment for women, which he believes is crucial for their success. Additionally, he announced that Foxconn is exploring the establishment of a Battery Energy Storage System (BESS) unit in India. Liu indicated ongoing discussions with the Indian Minister for Industries about potential collaboration on this project in Tamil Nadu.
Foxconn’s focus on battery storage technology aligns with its broader interests in electric vehicles (EVs), digital health, and robotics, all of which are poised for significant growth. The company has already set up its first BESS unit in Taiwan for electric buses and is now looking to replicate this success in India.
Liu expressed enthusiasm about the prospects for Foxconn’s EV manufacturing business in India and indicated that the proposed BESS factory will be an integral part of this expansion, with plans to initiate the project “very soon.” Overall, Foxconn’s advancements in India reflect its commitment to the country’s economic growth and its strategic focus on emerging technologies and inclusive employment practices.
Foxconn is a leading global electronics manufacturer headquartered in Taiwan. Specializing in producing components for major tech brands, including Apple, Foxconn is renowned for its extensive manufacturing capabilities and innovation in electronics, electric vehicles, and battery storage solutions. The company is a major player in the global tech supply chain.
