CNN —A month after exiting an ambitious project to help build one of India’s first chip factories, Taiwan’s Foxconn says it remains bullish about the world’s most populous nation and is planning “billions” of dollars in investments there, as multinationals seek to diversify their supply chains beyond China.
Foxconn’s India operations account for about $10 billion — or just under 5% — of the company’s annual turnover, which stood at $6.627 trillion new Taiwan dollars ($207 billion) last year, Chairman Young Liu told a Monday earnings call.
“There is a positive energy for this market,” he said in response to a question from CNN.
Foxconn, best known for making Apple (AAPL)’s iPhones, has more than 30 factories in India, including 20 dormitories that house tens of thousands of workers.
It was seen as a blow to the New Delhi government’s plans to turn the country into a tech manufacturing powerhouse.
Persons:
Taiwan’s Foxconn, Young Liu, ”, ” Liu, Foxconn
Organizations:
CNN, “, Apple, Vedanta
Locations:
China, India, Taiwan, Delhi