Jobaaj Stories
Foxconn, the world's largest tech manufacturer and service provider, has reportedly won an order to make AirPods for Apple and is looking to manufacture those in India!
Ever since Apple's stock declined due to protests against lockdowns in China, both Foxconn and Apple have been looking to diversify their manufacturing ops. For said purpose, India and Vietnam were identified as the best locations.
The Reuters report stated that Foxconn, who has bagged the AirPods order for the first time, is looking to reduce its reliance on China and has plans to set up the factory in Telangana.
Moreover, the sum invested into the factory is estimated to be around $200 million!
This complies with the fact that Foxconn recently signed an MoU with the Telangana government to set up a factory in Hyderabad.
Also Read: Patanjali Foods Share Price Falls as Exchanges Freeze Promoter Holding
The factory, which will reportedly be set up by the company's Indian subsidiary Foxconn Interconnect Technology, will see its construction begin in the second half of 2023 and will be operational by the end of 2024.
This move will assist both Foxconn and India, as it will help Foxconn reduce its dependence on China for manufacturing while India will be able to move further in its aim to become a global manufacturing hub.
Investors viewed the order win positively as the stock of Foxconn was up 2% at the time of reporting and was trading around TWD 104 per share.
- Aman Agarwal.
Want more updates stay tuned with Jobaaj Stories!
