Foxconn, the iPhone contract manufacturer, has seen its business in India grow significantly, reaching over $10 billion by 2024, according to its chairman, Young Liu. The company has invested $1.4 billion in the country to date, reflecting its strong commitment to the Indian market.
Liu mentioned that by the end of last year, Foxconn’s business in India had surpassed $10 billion, and they anticipate even greater achievements in the upcoming year, as he shared in a conversation with PTI. He made these remarks at the inauguration of Foxconn’s women-only residential complex near its plant in Tamil Nadu on Saturday.
Liu, who was honored with the Padma Bhushan, spoke about his current visit to India, where he met with the chief ministers of several states. He expressed his belief in India’s growing economic prominence, saying, “After visiting so many states in India, I felt that India is on the rise. Foxconn wants to be a part of this growth, and we will grow together with India’s progress.”
This visit marks Liu’s first trip to India since receiving the Padma Bhushan, the country’s third-highest civilian award, on the eve of the 75th Republic Day. His nearly week-long visit began with a meeting with Prime Minister Narendra Modi, where they discussed Foxconn’s investments in Tamil Nadu, Karnataka, and Telangana. Liu also held discussions with the chief ministers and cabinet ministers of these states.
The Inauguration of the women-only residential complex was led by Tamil Nadu Chief Minister M.K. Stalin. During the event, Liu highlighted the significant contributions of women employees in India, particularly married women, to Foxconn’s operations. Liu noted that while Foxconn hires employees regardless of gender, women constitute a significant portion of their workforce in India. He also emphasized that married women have played a major role in the company’s success in the country.
Recently, Foxconn faced allegations of discrimination in hiring married women, with a report suggesting that the company was reluctant to employ them. Foxconn refuted these claims, stating that 25% of its new hires were married women. The company also noted that its workforce in India consists of approximately 70% women and 30% men, with the Tamil Nadu plant being the largest employer of women in the country. Foxconn currently employs about 48,000 people across India.
Liu highlighted the importance of creating opportunities for women in India, emphasizing that their success is closely tied to maintaining their health and safety at work.
The newly opened complex, constructed by the State Industries Promotion Corporation of Tamil Nadu (SIPCOT), covers 20 acres and is designed to house more than 18,000 women employees in shared accommodations. The project was completed at an estimated cost of $85 million.
