Foxconn, the world’s largest contract electronics manufacturer, has signed a $5 billion deal to set up R&D and hi-tech manufacturing facilities in India within five years, according to reports. The $5 billion pledge is the largest foreign investment into India’s tech manufacturing sector and a boost for the government’s “Make in India” campaign. The Taiwan-based firm, which manufactures for a host of global device brands like Apple, BlackBerry, Amazon, Motorola, Xiaomi and Sony, has the bulk of its factories in China.
Also on Monday, leading Chinese smartphone maker Xiaomi announced that it will now manufacture its devices in India in partnership with Foxconn.
Contributed By Sonia Narula