Foxconn plans $700m investment in new plant to increase iPhone production in India

Foxconn Technology Group, an Apple partner, reportedly plans to invest approximately $700 million in a new plant in Karnataka, India, to increase local production of iPhone parts. The plant is expected to be located near the Bangalore airport on a 300-acre site and may also assemble Apple's handsets, while some parts for Foxconn's electric vehicle business may also be produced there.

This investment by Foxconn is one of the biggest single outlays to date in India and reflects a growing trend of shifting manufacturing away from China due to Washington-Beijing tensions. The new production site is expected to generate around 100,000 jobs. The Indian government sees this investment as an opportunity to bridge the technology gap between India and China as Western investors and corporations begin to avoid Beijing's private sector crackdowns.