Apple supplier Foxconn is on the hunt for semiconductor and EV deals in India

Hong Kong

Apple provider Foxconn says it is trying to find Indian companions to cooperate in parts these types of as chips and electric vehicles, as its main government wrapped up a pay a visit to to the nation.

Taiwan’s Foxconn has been searching to broaden its operations in the South Asian large right after suffering severe source disruptions in China previous yr. The firm bounced back again from the disruptions early this calendar year.

“India is a country with a big population,” Youthful Liu, the company’s chairman and CEO, mentioned in a Saturday statement. “My vacation this week supported Foxconn’s efforts to deepen partnerships … and search for cooperation in new regions these as semiconductor advancement and electric cars.”

“Foxconn will go on to communicate with regional governments to seek out the most advantageous advancement prospects for the business and all stakeholders,” he additional.

The organization, greatest identified for producing Apple

(AAPL)’s iPhones, is a single of the world’s most important contract makers of electronics. It is now increasing into other places which include electrical vehicles.

Liu did not specify any investment investing in India through his vacation, which involved a assembly with Primary Minister Narendra Modi.

The corporation now has factories in the states of Andhra Pradesh and Tamil Nadu.

On Friday, the financial commitment advertising office of the southern Indian condition of Karnataka said Foxconn had announced a key deal there and that 300 acres of land had been allotted for a facility. The expense will crank out 100,000 work about 10 a long time in the state, it stated.

In accordance to a report from Bloomberg citing unnamed sources, the corporation designs to make investments about $700 million on a new plant in Bengaluru, the money of Karnataka, to make Apple iphone components.

India has emerged as an desirable potential option to China for the likes of Apple. A person of India’s major ministers, Piyush Goyal, reported in January that Apple needs to ramp up its manufacturing in the South Asian country to a quarter of its overall total from in between 5% and 7% now.

For several years, Apple experienced relied on a broad producing network in China to mass generate iPhones, iPads and other preferred products and solutions. But its dependence on the nation was examined very last year by Beijing’s rigid zero-Covid technique, which was swiftly dismantled past December.

Apple units are currently created in India by Foxconn, Wistron and Pegatron, which are all Taiwanese companies.

– CNN’s Diksha Madhok contributed reporting