WION Web Team New Delhi, Delhi, India
Apr 16, 2019, 10.57 AM
In a bid to expand its manufacturing operations in the country, Taiwanese smartphone manufacturer Foxconn going to start mass production of Apple's iPhone in India.
“In the future, we will play a very important role in India's smartphone industry,” Foxconn Technology Group Chairman Terry Gou said at an event in Taiwan.
Apple's Bengaluru plant has been producing the older model of the phones but now will expand manufacturing to more recent models.
Foxconn is prepared to begin preliminary creation of the most recent iPhones in the nation before it begins full-scale assembly at its industrial facility outside Chennai at Sriperumbudur.
A report in December said Apple would begin assembling its top-end iPhones in India through the local unit of Foxconn as early as 2019.
Founded in 1974, the Foxconn group has grown to become the world`s biggest contract manufacturer with T$5.2 trillion ($168.52 billion) in annual revenue, assembling goods for Apple, SoftBank Group Corp and other global tech firms. It relies on Apple for more than half of annual revenue, according to analysts.
Foxconn Technology chairman Terry Gou, who owns 9.4 per cent of Foxconn as its top shareholder, is Taiwan's richest person with a net worth of $7.6 billion, according to Forbes.
Last month, Foxconn reported a smaller than expected fall in quarterly profit, despite warning signs from key customers including Apple that demand for tech electronics was softening.
India has become the fastest-growing smartphone market in the world, while China stagnates and Apple loses share to local competitors.