Foxconn is a Taiwanese multinational electronics manufacturing company. The company is the largest contract manufacturer for Apple Inc. Apart from Apple, Foxconn also manufactures smartphones for companies like Xiaomi, Nokia and Gionee. The company has two manufacturing plants in India which are located in Chennai and Tamil Nadu. Out of the two, the Chennai plant was dedicated to manufacturing Nokia smartphones. But, that plant has remained shut since 2015 after Nokia’s acquisition by Microsoft. The Chennai plant was left out of this deal due to some tax disputes with the Indian government. However, the company plans to revive operations at this location which will be used to manufacture Apple iPhones.
The assets at the Chennai Foxconn plant were frozen by the Indian government due to the alleged outstanding taxes. However, in April 2018 Nokia agreed to pay the pending taxes in the form of provisional payments which has resulted in resolution of the dispute. Therefore, the operations at the manufacturing facility can be restarted. Foxconn officials at a Tamil Nadu state cabinet meeting announced that plant will be utilised to manufacture the Apple iPhone flagships including iPhone X, XS and XR in India. The company will reportedly invest Rs 25 billion to upgrade the plant to manufacture Apple iPhones. Additionally, the restart of operations will create 25000 jobs for the city locals. It is the first time that the iPhone X will be manufactured in India.
An official announcement with precise details is expected to be made at the upcoming Global Investors Meet which is scheduled in Chennai in January 2019.
WhatsApp us