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Apple Inc (AAPL.O) supplier Foxconn (2317.TW) will start manufacturing iPhones in the southern Indian state of Karnataka by April 2024, the state government said on Thursday.
The land for the factory would be handed over to Foxconn by July 1, the government said, adding that the project, valued at 130 billion rupees ($1.59 billion), is expected to create around 50,000 jobs.
Foxconn, the world’s largest contract electronics manufacturer, has set a target of manufacturing 20 million iPhones a year at the plant in Devanahalli, on the outskirts of the state capital and tech hub Bengaluru.
Apple has been shifting production away from China after the country’s strict COVID-related restrictions disrupted the production of new iPhones and other devices in the country. The tech giant is also looking to avoid a hit to its business due to tensions between Beijing and Washington.
A spokesperson for Foxconn did not immediately respond to a request for comment from Reuters.
(With Input Feeds)
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