Foxconn, the largest electronics manufacturing service provider in the world that is known for a big supplier of Apple iPhones, has formalised plans to create another factory in India that would employ 50,000 people. This comes four months after rumours of such a move. The move is part of a plan to look at a China plus strategy. The pandemic had put serious pressure on manufacturers and supply chains largely dependent on China and now many large corporations globally are looking to move some of the capacity to India to hedge their future operations.
Foxconn to add 50,000 workforce in India