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.
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. Foxconn is seeking to make up virus-related losses at its China plants with"resources" from customers and local governments. Liu did not elaborate apart from saying such activity would take place gradually over several quarters.