Foxconn plans more investment in coming year, put in USD 10 billion in India so far: Chairman

PTI, Aug 18, 2024, 8:14 AM IST

Foxconn Chairman Young Liu (middle) with TN CM MK Stalin (Left) (Credit: PTI)

Sriperumbudur: iPhone contract manufacturer Foxconn has invested USD 10 billion in India so far and plans more investment in the coming year, its Chairman Young Liu said on Saturday.

Liu, a Padma Bhushan awardee, said that during his current visit he met various chief ministers and feels that India is on the rise.

“So far, till last year, we have done USD 10 billion. We will do much more in this coming year,” Liu told PTI.

He was speaking on the sidelines of the inauguration of the company’s women-only residential complex near Foxconn’s plant here.

“After visiting so many states in India I felt that India is ascending. Foxconn wants to be a part of it. We will grow together with India’s growth,” Liu said.

This is Liu’s first visit to India after he was conferred Padma Bhushan, the third-highest civilian award, on the eve of the 75th Republic Day this year.

Liu met Prime Minister Narendra Modi on Wednesday and discussed Foxconn’s investments in Tamil Nadu, Karnataka and Telangana.

During his visit, Liu also met with chief ministers and state cabinet ministers of these three states.

The women-only residential complex of the company was inaugurated by Tamil Nadu Chief Minister MK Stalin.

During the inauguration, Liu asserted that the company hires employees regardless of gender but in India women, specially married women, have contributed greatly to its efforts.

The Foxconn chairman said there is an upward trend in all types of hiring by the Taiwanese electronics manufacturing major in India.

“Foxconn hires regardless of gender, but women do make up a big part of our workforce here. I’d emphasise that married women greatly contribute to the efforts of what we are doing here,” Liu said.

The Taiwanese company recently faced allegations of discrimination in the hiring of married women. A report alleged that the electronics manufacturing giant was averse to hiring married women in India.

Foxconn had rejected the report and said that 25 per cent of its new hires were married women.

The company had then said that the Foxconn factory had about 70 per cent women and 30 per cent men and the Tamil Nadu plant was the largest factory for women employment in the country.

Foxconn at present has around 48,000 employees in India.

“Opportunities for women in India go hand-in-hand with health and safety for them at work. Having a sustainable living environment helps them succeed,” Liu said.

The complex, built by the State Industries Promotion Corporation of Tamil Nadu (SIPCOT), will house over 18,000 women employees on room sharing basis.

The project is spread over a 20-acre area and has been built with a total cost of around Rs 706 crore.