Taiwanese Apple Inc supplier and tech contract manufacturer Foxconn wants to make electric vehicles (EVs) in India as part of a plan to diversify the supply chain beyond China.
Foxconn's EV venture - Foxtron - is considering setting up a centre in India and other destinations in South Asia such as Vietnam and Indonesia, the Economic Times reported on June 22 citing unnamed sources.
Foxconn's subsidiary - Bharat FIH - currently operates two units in Tamil Nadu's Sriperumbudur on the outskirts of Chennai that manufacture Apple iPhones and Xiaomi phones among others.
According to the report, the Foxconn group has shown interest in manufacturing products other than phones for clients and itself.
Tamil Nadu is looking to woo the conglomerate to further invest in the state, the sources said.
Moneycontrol could not verify the report.
Foxconn is also studying India's automobile space and gauging potential demand in the EV space.
In 2021, it acquired a facility in North America to develop EVs where it will manufacture products for hybrid EV brand Fisker.
Earlier this month, Bharat FIH received approval from the capital markets regulator for an initial public offering (IPO).The Bharat FIH IPO comprises a fresh issue of shares worth Rs 2,502 crore and a stake sale by promoter group worth the same amount.