After China, Foxconn will expand their business in India with $5 Billion investment plan after the founder Terry Gou and Maharashtra Chief Minister Devendra Fadnavis have signed an agreement in Mumbai.
The move will boost the campaign “Make In India” which aim to make India as a third largest economy manufacturing powerhouse. It is still unknown whether the iPhone will be part of the production line in India. But it is known that, Apple have a serious thought to expand their business in India.
Foxconn expansion in India will boost local economy with the initial plan to open 10 – 12 facilities in the 5 years plan. During peak production, Foxconn may employed more than 1.3 million people.