Hon Hai, or Foxconn, is the world's largest contract electronics maker. (Photo : Reuters)
Foxconn Technology Group chairman Terry Gou is visiting India to evaluate the business opportunities in the South Asian nation.
Gou arrived in New Delhi on July 8 together with 60 senior executives from his enterprises.
The Taiwanese electronics tycoon met with executives of some 20 Indian enterprises shortly after his arrival.
An insider confirmed that Gou’s visit to India is “to evaluate in a pragmatic way commercial opportunities that could exist in the Indian market.”
According to an Indian technology website, Foxconn will assemble smartphones for Chinese brand Xiaomi.
The Taiwan-based firm, also known as Hon Hai Group, has been moving production facilities from its plant in Chennai to a new base located in Sri City, according to an unnamed official from the company.
Sri City is a special export zone located 55 kilometers north of Chennai. The zone currently houses 107 firms from 27 countries, including 45 multinational corporations.
As early as August, the company’s new plant will start producing smartphones for Xiaomi. The new plant, based on the reports, will have an area of about 20,000 square feet.
Meanwhile, its move to make iPhones in India will allegedly lower the product’s price in the country.
Foxconn’s plan of investing $20 billion in India is a move that supports Prime Minister Narendra Modi’s “Make in India” campaign.
The move is likely to help the country take on China, particularly in the area of manufacturing of technological products.
