Foxconn’s business in India crosses $10 billion

Business: iPhone contract maker Foxconn’s business in India is set to exceed $10 billion by 2024, its Chairman Young Liu said here. According to the company, Foxconn has so far invested $1.4 billion in India. “By last year, we have invested more than $10 billion in business size. We will do even more in the coming year,” Liu told PTI. He was speaking at the inauguration of the company’s residential complex for women near Foxconn’s plant here on Saturday. Padma Bhushan awardee Liu said during his current visit to the country, he met chief ministers of several states and feels that India is on the path of progress. “After visiting so many states of India, I felt that India is moving forward. Foxconn wants to be a part of it. We will move forward along with India’s development,” Liu said. This is Liu’s first visit to India after being conferred the Padma Bhushan, the third highest civilian award, on the eve of the 75th Republic Day this year. Liu on Wednesday began his nearly week-long visit to India with a meeting with Prime Minister Narendra Modi. He discussed with the Prime Minister Foxconn’s investments in Tamil Nadu, Karnataka and Telangana. Liu also met the chief ministers and state cabinet ministers of these three states. The company’s women-only residential complex was inaugurated by Tamil Nadu Chief Minister M K Stalin.

During the inauguration, Liu said the company hires employees regardless of gender,

but women in India, especially married women, have contributed greatly to its efforts. Foxconn chairman said there is a trend of increase in all types of hiring by the Taiwanese electronics manufacturing major in India. “Foxconn hires people on the basis of gender, but women make up a large proportion of our workforce here. I would like to emphasize that married women make a huge contribution to the work we do here,” Liu said. The Taiwanese company was recently accused of discrimination in hiring married women. A report had alleged that the electronics manufacturing giant was against hiring married women in India. Foxconn had rejected the report and said that 25 per cent of its new employees are married women. The company had then said that about 70 per cent of Foxconn factories are women and 30 per cent men and the Tamil Nadu plant is the largest factory employing women in the country. Foxconn currently has about 48,000 employees in India. “Opportunities for women in India go hand in hand with their health and safety at the workplace. Having a sustainable living environment helps them succeed,” Liu said. Built by the State Industries Promotion Corporation of Tamil Nadu (SIPCOT), the complex will provide accommodation to over 18,000 women employees on a room-sharing basis. The total cost of building the project spread over 20 acres is Rs 706 crore.