Foxconn invested $1.4 billion in Indian business till date; CEO Young Liu says ’we will grow together with...’

Hon Hai Precision Industry Co Ltd., popularly known as Foxconn's India business, has grown by more than $10 billion till the financial year ended 2024, said Chairman and Chief Executive Officer Young Liu, reported PTI on Sunday, August 18.

The iPhone manufacturer has invested $1.4 billion in India to date, as per the report quoting the company. "So far, till last year, we have done more than USD 10 billion in business size. We will do much more in this coming year," the chairman told the news agency.

Young Liu spoke about the company's women-only residential complex near the Foxconn plant on Saturday, and also after meeting with the chief ministers of several states, Liu felt that India is on the rise, according to the report.

“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,” said Liu, as per the report.

The complex, built by the State Industries Promotion Corporation of Tamil Nadu (SIPCOT), will house more than 18,000 women employees on a sharing rooms basis and is spread over 20 acres with a total cost of nearly ₹706 crore, as per the report.

The Chairman started his week-long visit to India by meeting the Prime Minister of India, Narendra Modi, on Wednesday, discussing the company's investment in the states of Tamil Nadu, Karnataka, and Telangana, as per a social media post on platform X.

Liu also met with the Chief Ministers of the three states, days after his meeting with PM Modi. He highlighted the company's focus on hiring employees without regard to their gender in India; women and married women have contributed greatly to its efforts, said the Chairman, as per the report.

“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,” said Liu, reported the news agency. He also talked about the upward trend in all types of hiring by the Taiwanese electronics maker in the country, as per the report.

This comes after the company was accused of discrimination in hiring married women, according to a report that alleged Foxconn was against hiring married women in India. The company rejected the report and stated that 25 per cent of its new entrants were married women, as per the report.

Foxconn highlighted that the Foxconn factory had nearly 70 per cent women workforce and the remaining 30 per cent men workforce, the company's Tamil Nady plant was the largest factory for women employment in India, as per the report. Foxconn India has a present workforce of 48,000 employees, said the report.

"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," said Liu according to the news report.

Foxconn's battery plans:

Chairman Liu also said that the electronics maker is also working on plans to set up a battery energy storage system unit in India, according to Chairman Liu, according to a PTI news report.

“We are also waiting to put our 3 3 future industry in India. I have been talking to the minister for industries here about how can we collaborate on BESS (Battery Energy Storage System) in Tamil Nadu...,” said Liu, as per the report.

Foxconn's battery storage business is more focused on electric vehicles, the company has set up its first Battery energy storage systems (BESS) unit in Taiwan for e-Buses, as per the report.

The company has prioritised three key segments like electric vehicles, digital health and robotics, all of which has a significant growth potential with the current scale at $1.4 trillion and over 20 per cent compound annual growth rate (CAGR) as per the report.

The proposed BESS factory in India will help Foxconn's electric vehicle manufacturing business in the country, which is under work, and the Chairman said that it will start “very soon” when the news agency asked about the EV production status.