Hon Hai Group has been actively expanding its presence in the Indian market in recent years. Notably, Chairman Guo Taiming personally visited India, where he announced a $5 billion investment plan in August 2015 to establish large manufacturing facilities in Maharashtra, western India. The project was expected to create 50,000 jobs over the next five years. However, after two years of stalled negotiations, the plan has largely faded into inaction, disappointing local officials and raising questions about Hon Hai’s commitment.
Maharashtra’s Industry Minister, Subhash Desai, expressed frustration, stating that the state should move on from Foxconn as quickly as possible. He emphasized that while disappointment is understandable, the government has other foreign investment opportunities to pursue. Despite the lack of progress, Hon Hai has not entirely abandoned India. The company has already set up a foundry in the country, producing smartphones for clients like Xiaomi, and plans to expand further with a third facility.
Initially, the $5 billion investment was seen as a potential boost for Apple's production in India. However, the focus shifted to another Taiwanese firm, Wistron, which established a factory near Bengaluru to assemble the iPhone SE. Due to high pricing, the iPhone has struggled to gain traction in the Indian market, capturing only around 2.5% of the market—far behind domestic brands. Additionally, Apple’s first retail store in India has faced repeated delays.
Some analysts suggest that Hon Hai’s acquisition of Sharp in Japan may have diverted attention and resources away from its Indian investments. After integrating Sharp, the group increased its focus on LCD panels and TVs, including a $9 billion investment in a new panel factory in Guangzhou and a $1 billion project in Wisconsin, USA. These moves highlight Hon Hai’s broader global strategy.
In February 2024, Indian Finance Minister Arun Jaitley announced an increase in smartphone import tariffs, aiming to promote local manufacturing under the “Made in India†initiative. The tax will rise from 15% to 20%, with some components also seeing higher duties. This policy shift may influence future foreign investment decisions, especially for companies like Hon Hai.
Despite ongoing challenges, including land acquisition, labor laws, and environmental concerns, Hon Hai continues to explore opportunities in India. While the original $5 billion plan remains unfulfilled, the company is still active in the region through its foundry operations. Whether it will fully commit to large-scale manufacturing in India remains uncertain, but the Indian market continues to be a key player in the global tech landscape.
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