Apple supplier plans to invest $500 million in Indian factories

As per reports, Apple supplier Foxconn Technology Group is planning to open up two factories in India by investing $500 million.

According to reports from multiple sectors, Foxconn Technology Group (2317.TW), the primary supplier of Apple (AAPL.O), plans to invest close to $500 million to construct two component factories in India.

According to the report, these factories will be constructed in the southern Karnataka state, and at least one of them is expected to manufacture iPhone parts for Apple.

A formal announcement is anticipated as soon as this week, but the precise locations of the new plants in the state have not yet been determined. Requests for a comment from Foxconn and Apple were not immediately responded to.

After Andhra Pradesh and Tamil Nadu, Karnataka is set to become the third southern Indian state to permit Foxconn plants in March after approving an investment of 80 billion rupees ($972.88 million) by a Foxconn unit.

The Taiwanese corporation has also reached an agreement with Tamil Nadu to invest 16 billion INR in a new digital component manufacturing plant that will create 6,000 jobs as part of its equity drive in India as part of its bid to expand beyond China, the state government said on Monday.

According to a state government source who spoke on the condition of anonymity because the specifics are still being kept secret, the Foxconn Manufacturing Internet (601138.SS) facility will be located close to the state capital of Chennai in the Kancheepuram district.