iPhone Maker Foxconn Pumps $1.4 Billion into Indian Business, Crosses $10 Billion Mark in 2024: CEO Young Liu

Foxconn, the iPhone manufacturing giant, has invested $1.4 billion in its Indian business and exceeded $10 billion in revenue by the end of the 2024 financial year. This growth was confirmed by the company’s Chairman and CEO, Young Liu, during an interview on August 18. Liu also stated that Foxconn’s Indian operations are set to expand further in the coming year.

Further Growth Anticipated in India

Young Liu mentioned that Foxconn expects to grow significantly beyond its $10 billion business size in India next year. “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,” he told PTI.

Women-Only Residential Complex to House 18,000 Employees

Liu also discussed the development of a women-only residential complex near Foxconn’s Tamil Nadu plant. The complex, built by the State Industries Promotion Corporation of Tamil Nadu (SIPCOT), will house over 18,000 women employees in shared rooms. The 20-acre complex cost nearly ₹706 crore. Liu highlighted that Foxconn’s investment in India is part of the company’s commitment to growing alongside the country’s economic rise.

Foxconn’s Plans to Expand in India

During his week-long visit to India, Liu met with Prime Minister Narendra Modi to discuss Foxconn’s future investment plans. Foxconn is eyeing further growth in Tamil Nadu, Karnataka, and Telangana. After these meetings, Liu expressed confidence in India’s growth potential. “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,” Liu said.

Empowering Women in the Workforce

Foxconn has made significant strides in empowering women within its Indian workforce. Liu pointed out that the company hires without regard to gender, and married women, in particular, have played a key role in Foxconn’s success. He said, “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.”

Responding to Allegations of Discrimination

Recently, Foxconn faced allegations of refusing to hire married women in India. However, the company has denied these claims, clarifying that 25% of its new hires are married women. The Tamil Nadu plant, which employs 70% women and 30% men, is currently the largest women-employer factory in India. Foxconn India now has a workforce of 48,000 employees.

Commitment to Health, Safety, and Sustainable Living for Women

Liu also reiterated Foxconn’s dedication to creating a safe and supportive work environment for women. The company believes that providing a sustainable living environment is crucial for their success. “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,” Liu said, affirming Foxconn’s commitment to empowering women in its Indian operations.