Taiwanese electronics manufacturer Foxconn Technology Group plans to spend US$5 billion dollars on factories and research and development in the Indian state of Maharashtra, The Wall Street Journal reported, citing a state official.
Foxconn, the world’s largest contract electronics manufacturer by revenue, signed a memorandum of understanding Saturday with Maharashtra to invest the money in coming years on operations that would employ 50,000 people, said Subash Desai, the state’s industries minister.
The agreement “outlines significant investments that Foxconn intends to make in the next five years,” Foxconn said in a statement.
The company — known officially as Hon Hai Precision Industry Co. Ltd. — makes products including Apple Inc. iPhones, Xiaomi Corp. smartphones and Samsung Electronics Co. Ltd. tablets.
Foxconn’s investment would be more than triple the US$1.5 billion in direct foreign investment the Indian electronics industry has received in the past 15 years, the report said.
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