iPhone maker Foxconn eyes further India investment, sees bright outlook



Taiwan's Foxconn is planning further investment in India and may announce details in the next few months as the world's largest contract manufacturer views the outlook there very favourably, its chairman said on Tuesday.

Foxconn already makes smartphones in India for Apple Inc and Xiaomi Corp, though in March said it suspended production due to the novel coronavirus outbreak.

Chairman Liu Young-way told Foxconn's annual general meeting that looking ahead, India was a bright spot for development even though there was a "certain impact" at present due to the virus.

"We are fully pushing ahead with next steps there, and maybe in a few months' time we can reveal on our website the next steps and report back to everyone. We'll have further investment there," Liu said, without detailing plans or reasons for the firm's view on the business outlook in India.

Foxconn's January-March profit plunged to its lowest in two decades after the outbreak forced the firm to suspend manufacturing in China and knocked demand from customers including Apple.

But the firm, formally Hon Hai Precision Industry Co Ltd, last month said the worst of the outbreak for it was over.

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