Foxconn cancels plans for $5 billion investments in India
Foxconn will step back from a memorandum of understanding with the Indian government after failing to secure a deal for the land for the eventual plants. According to Subhash Desai, Minister of industries at the state of Maharashtr the manufacturer was on the lookout for a parcel in the past five years, but in the end, failed to succeed in acquiring one at terms that would work for it.
According to local sources, Foxconn wanted to set up a plant and a manufacturing hub at Jawaharlal Nehru Port Trust in Navi Mumbai as well as buy 44 acres of land in the special economic zone.
Eventually, the land went to the global terminal operator DP World, an official from industries department said.
Foxconn is a Taiwanese manufacturer that is one of the main suppliers for Apple. It makes iPhones, iPads, laptops, and chips, but none of them will be produced in India.
Desai revealed the decision will not impact consumers directly, but other manufacturers of gadgets might be affected. “Many other smartphone manufacturing firms have also entered in the market and are doing well”, he added.
Understand that Foxconn wanted 5 years without paying any tax. India has a lot of cellphone users, Android sells a lot in India, its big market for Xiaomi, RealMe. Samsung, Oneplus etc, Apple is well-known player but the prices are premium. so only...
- 14 Jan 2020
Just because China does not let it to do so. Now China is losing financially and it cannot let Apple move away.
- 12 Jan 2020
So which country do you live in? While it is true that the majority of Indians are poor, the people who can afford an iPhone could be very significant considering the huge population. OnePlus is the most selling premium phone here. I'm sure tha...
- 09 Jan 2020