iPhone maker Foxconn to invest $600 million into phone and chip project in India
Summary
Foxconn will invest more than $600 million in India as part of a phone manufacturing project and separately a semiconductor equipment facility, according to the government of the state of Karnataka. It is best known as the main assembler of Apples iPhones but the company has been looking to diversify both geographically and in terms of its portfolio of products. Foxconn agreed with Indian metals-to-oil conglomerate Vedanta to set up a semiconductor and display production plant in India as part of a $19.5 billion joint venture. Under Prime Minister Narendra Modi, India has looked to position itself as a hub for advanced technology, in particular semiconductors. Modi attended a semiconductor event in India last week, at which senior executives from big U.S. chip firms including Applied Materials and AMD were present.