Foxconn ups the ante beyond $10B investment in India
Foxconn is bullish about India’s growth aspects as the company has fortified its presence in multiple states in the country.
iPhone contract manufacturer Foxconn has invested $10 billion in India so far and plans more investments 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 $10 billion. We will do much more in this coming year," Liu told PTI.
Foxconn Chairman Young Liu. Pic credit: company
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, especially 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.