On PM Modi’s birthday, Foxconn promises to double India business and employment

V Lee's LinekdIn post wishing PM Modi on his birthday

Foxconn's India representative V Lee wished Prime Minister Narendra Modi on his 73rd birthday and promised to double its India employment, FDI, and business size in one year.

On September 18, in response to Lee, Minister of Electronics and IT Ashwini Vaishnaw, in a post on X (formerly Twitter), said that the government was "fully committed to support and facilitate" Foxconn's promises.

Foxconn's India representative V Lee said the company will work even harder to present PM Modi with a greater birthday gift next year by doubling employment, FDI, and business size in the country.

In a post shared on LinkedIn, Lee said: “Happy Birthday, Honourable PM. Under your leadership, Foxconn has grown smoothly and rapidly in India. We will work even harder to present you with a greater birthday gift next year, aiming for another doubling of employment, FDI, and business size in India.”

A month ago, a top official of the Taiwanese electronics manufacturing giant had said that the company sees the potential of investing several billions of dollars in India if it gets to completely implement its plans.

Also read: Apple Supplier Foxconn plans $500 million component plants in India

Hon Hai Technology Group (Foxconn) Chairman and CEO Young Liu had said during the company’s second-quarter earnings call that its Indian arm has achieved a turnover of close to $10 billion on an annual basis and there is a lot of investment potential in India.

“Foxconn annual revenue was $200 billion. From the perspective of India’s potential market size and if we can fully implement our plans there, several billion dollars in investment is only the beginning,” he had said, adding that Foxconn operates around nine campuses in India.

“The total size will be equivalent to more than 500 football fields. We have over 30 factories in India. The turnover and business size are roughly $10 billion annually. We have over 20 dormitories that shelter tens and thousands of employees that work with Foxconn in India,” Liu further said.

Also read: Foxconn aims to make India its third EV hub, eyes 5% global market share by 2025

Liu also pointed out that since Foxconn entered India, its revenue, number of employees, and investment scale have grown exponentially.

Foxconn is currently exploring options to make India its third global hub for electric vehicle (EV) contract production. The Taiwanese company aims to supply five to seven lakh EVs by 2025, which will account for 5 percent of total electric vehicle sales worldwide.