Foxconn sees opportunity to invest several billions of dollars in India
Hon Hai Technology Group (Foxconn) Chairman and CEO Young Liu during the company's second quarter earnings call on Friday said that the company.
NEW DELHI: Taiwanese electronics manufacturing giant Foxconn sees potential of investing several billions of dollars in India if it gets to completely implement its plan, a top official of the company said.
Hon Hai Technology Group (Foxconn) Chairman and CEO Young Liu during the company's second quarter earnings call on Friday said that the company's Indian arm has achieved the turnover of close to USD 10 billion on an annual basis and there is a lot of investment potential in India.
"Foxconn annual revenue was USD 200 billion. From the perspective of India's potential market size and if we can fully implement our plans there, several billion dollars in investment is only the beginning." He said Foxconn operates about nine campuses in India.
"Total size will be equivalent to more than 500 football fields. We have over 30 factories in India. The turnover, business size, roughly USD 10 billion annually. We have over 20 dormitories that shelter tens and thousands of employees that work with Foxconn in India," Liu said.
He said questions around India have been coming up during investors' calls since the last two quarters, which indicates there is a positive energy in the country. "I have said before that our capex this year will grow from last year. That outlook has not changed," Liu said.
During the presentation, Liu pointed out that since Foxconn entered India, its revenue, number of employees, and investment scale have grown exponentially.
Liu said that at present, Foxconn is mainly engaged in the information and communication technology assembly business and going forward, Foxconn will actively deploy work in the area of key components to raise its competitiveness in India.
In addition to existing operations in Andhra Pradesh and Tamil Nadu, Foxconn will also deploy in Karnataka, Telangana and other states.
Through close cooperation with central and local governments, Foxconn will plan to establish industrial parks and optimize the business environment in terms of infrastructure, policies and laws, Foxconn said during the earnings presentation.