Foxconn Has Invested $10 Bn In India So Far, Says Chairman Young Liu

Foxconn Has Invested $10 Bn In India So Far, Says Chairman Young Liu

SUMMARY

Liu said that India is on the rise and the OEM is looking to be a part of the country’s growth story

Addressing allegations of job discrimination against married women at its Tamil Nadu plant, Liu said that the company hires employees regardless of gender

The Foxconn chairman has met PM Narendra Modi as well as CMs and state ministers of Tamil Nadu, Karnataka and Telangana so far during his India trip

Foxconn chairman Young Liu has said that the Taiwanese electronics manufacturer has invested $10 Bn in India so far and has plans to infuse more capital in the country in the coming year. 

“So far, till last year, we have done $10 Bn. We will do much more in this coming year,” Liu said as per news agency PTI.

Speaking on the sidelines of the inauguration of a women-only residential complex near its plant in Tamil Nadu’s Sriperumbudur, Liu said that India is on the rise. He said that the original equipment manufacturer (OEM) is looking to be a part of the country’s growth story. 

As per the report, the complex will offer housing facilities for more than 18,000 of the company’s women employees on a room-sharing basis. Built by the State Industries Promotion Corporation of Tamil Nadu (SIPCOT), the project is spread over 20 acres of area and has been constructed at a cost of INR 706 Cr. 

Addressing allegations of job discrimination against married women at its Tamil Nadu plant, Liu said that the company hires employees regardless of gender. 

“Foxconn hires regardless of gender, but women do make up a big part of our workforce here. I would emphasise that married women greatly contribute to the efforts of what we are doing here,” the Foxconn chairman reportedly added. 

Liu’s comments come two months after a news report alleged that the Apple vendor followed discriminatory hiring practices and excluded married women from jobs at its iPhone assembly facility in Sriperumbudur. 

At the time, a former company executive had said that Foxconn “generally refrains” from hiring married women due to perceived ‘cultural issues’ and societal pressures. 

The iPhone maker had rejected the report and claimed that 25% of its new hires were married women. Foxconn went on to claim that the Foxconn factory employed about 70% women. 

It is pertinent to note that Foxconn presently has around 48,000 employees in India.

The developments come as Liu is currently on a multi-leg trip to India. On the eve of the Independence Day, he met Prime Minister Narendra Modi and discussed Foxconn’s investments in Tamil Nadu, Karnataka and Telangana.

He also met with the chief ministers (CMs) and state cabinet ministers of these three states.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Foxconn Has Invested $10 Bn In India So Far, Says Chairman Young Liu-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Foxconn Has Invested $10 Bn In India So Far, Says Chairman Young Liu-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Foxconn Has Invested $10 Bn In India So Far, Says Chairman Young Liu-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Foxconn Has Invested $10 Bn In India So Far, Says Chairman Young Liu-Inc42 Media
Foxconn Has Invested $10 Bn In India So Far, Says Chairman Young Liu-Inc42 Media
You’re in Good company