Foxconn Invests $1.4 Billion in India, Surpasses $10B Revenue in 2024: CEO Liu
Foxconn, the leading iPhone manufacturer, has invested $1.4 billion into its Indian operations and surpassed $10 billion in revenue by the end of the 2024 fiscal year. This achievement was announced by Chairman and CEO Young Liu in an interview. Liu also revealed that Foxconn plans to further expand its operations in India over the next year. 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 said.
Liu also spoke about the construction of a women-only residential complex near Foxconn's Tamil Nadu plant. Developed by the State Industries Promotion Corporation of Tamil Nadu (SIPCOT), the 20-acre facility will accommodate over 18,000 women employees in shared rooms, with an investment of nearly Rs 706 crore. Liu emphasized that Foxconn’s investment in India reflects the company's commitment to growing in tandem with the nation's economic development.
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.
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 emphasize that married women greatly contribute to the efforts of what we are doing here”.
Recently, Foxconn was accused of refusing to hire married women in India. The company has denied these allegations, stating that 25% of its new hires are married women. The Tamil Nadu plant, which employs 70% women and 30% men, is currently the largest factory in India for female employees. Foxconn India now boasts a workforce of 48,000.
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.
