Foxconn’s Office In The Ditrict Of Neihu, Taiwan. Credit: Almondyue/shutterstock.

Taiwan-based giant Foxconn is to invest $1.5bn to expand its operations in India.

News of the investment, revealed in a stock exchange filing yesterday (27 November), comes as the company has significantly stepped up its plans in India.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

In August, Foxconn announced $200m to open a components manufacturing plant in the Indian state of Tamil Nadu – an investment that could lead to the creation of 6,000 jobs.

“Foxconn’s repeated investments and expansion plans in Tamil Nadu are a testament to the state being a top choice for manufacturing in India for major companies across the world,” India’s Industries Minister TRB Rajaa commented at the time. “This is a major achievement for the state.”

In September, meanwhile, Foxconn said it would double the number of jobs in India over the next 12 months.

India has been on a path towards attracting more investors in the country, with Western companies looking to diversify their supply chains away from China but still keep a presence in the region.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In FY 2022-23, the government in New Delhi recorded $70.97bn in foreign direct investment (FDI) inflows. That is down from $83.57bn in FY2021-22 and up from $45.15bn in 2014-15, data by Invest India, the country’s investment promotion agency, shows.

Around 15% of total FDI inflows went into the computer software and hardware industry, ranking second behind the services sector, which received 16%.

Tamil Nadu had the third-largest state economy in India in FY 2020-21, according to the Reserve State of India.

Foxconn declined to provide any further details.