Apple (NASDAQ:AAPL) supplier Foxconn is aiming to double its investments, operational size, and employment in India by next year.
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Yesterday, Foxconn representative V Lee extended birthday wishes to Indian Prime Minister Narendra Modi in a social media post, commenting, “We will work even harder to present you with a greater birthday gift next year, aiming for another doubling of employment, FDI, and business size in India.”
Previously, Foxconn Chairman and CEO Young Liu remarked that in the future, India will be a key country in terms of manufacturing. This acknowledgment is part of a rising global recognition of India’s moves to bolster its position in the electronics and advanced technology manufacturing space.
Recently, a number of global biggies including HP (NYSE:HPQ), Dell (NYSE:DELL), and Foxconn have lined up to apply for incentives under the Production Linked Incentive (PLI) scheme in India for IT hardware manufacturing.
Foxconn has been expanding its footprint in India and is planning to invest $600 million in two production facilities in the Indian state of Karnataka. These facilities will produce chipmaking tools and smartphone components.
What Is the 12-month Price Target for Apple?
Meanwhile, Apple shares have surged nearly 40% so far this year. Analysts see a further 18.5% potential upside in the stock based on a Moderate Buy consensus rating alongside an average price target of $207.39.
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