Hon Hai Technology Group (Foxconn) Chairman and CEO Young Liu through the firm’s second quarter earnings name on Friday mentioned that the corporate’s Indian arm has achieved the turnover of near $10 billion on an annual foundation and there’s a lot of funding potential in India.
“Foxconn annual revenue was $200 billion. From the perspective of India’s potential market size and if we can fully implement our plans there, several billion dollars in investment is only the beginning.”
He mentioned Foxconn operates about 9 campuses in India.
“Total size will be equivalent to more than 500 football fields. We have over 30 factories in India. The turnover, business size, roughly $10 billion annually. We have over 20 dormitories that shelter tens and thousands of employees that work with Foxconn in India,” Liu mentioned.
He mentioned questions round India have been developing throughout buyers’ calls because the final two quarters, which signifies there’s a constructive power within the nation. “I have said before that our capex this year will grow from last year. That outlook has not changed,” Liu mentioned.
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During the presentation, Liu identified that since Foxconn entered India, its income, variety of staff, and funding scale have grown exponentially. Liu mentioned that at current, Foxconn is principally engaged within the data and communication know-how meeting business and going ahead, Foxconn will actively deploy work within the space of key parts to boost its competitiveness in India.
In addition to current operations in Andhra Pradesh and Tamil Nadu, Foxconn may also deploy in Karnataka, Telangana and different states.
Through shut cooperation with central and native governments, Foxconn will plan to determine industrial parks and optimize the business atmosphere by way of infrastructure, insurance policies and legal guidelines, Foxconn mentioned through the earnings presentation.
Source: economictimes.indiatimes.com