Japanese telecom and Internet giant SoftBank and Taiwanese electronics firm Foxconn are in discussion to set up a joint venture in India for manufacturing telecom products. Also Read - Apple iPhone 13 series launch could be delayed due to chip shortageAlso Read - Apple to boost iPhone production in India to reduce Chinese dependancy: Report
“We will like to support Make in India programme and vision. We are discussing with Foxconn about how we can support Make in India programme jointly where Foxconn will lead and SoftBank will support,” SoftBank Chairman and CEO Masayoshi Son said yesterday when asked about any possibility of a JV to make phones. SoftBank together with Sunil Mittal’s Bharti Enterprises and Foxconn yesterday announced a three-way joint venture company, SBG Cleantech, to invest up to $20 billion to generate 20 gigawatt of solar power. Also Read - Apple manufacturer Foxconn could soon set up factories in Mexico
Foxconn is a leading contract manufacture of electronic products mainly mobile devices. It is popularly known for manufacturing Apple’s devices namely iPhones. The company had its manufacturing plant in Tamil Nadu mainly to cater manufacturing requirement of Finnish telecom company Nokia but closed it after the mobile devices firm suspended its operation here. A Foxconn representative present at the occasion said, “All I can say is that we are coming (to India).” Son did not elaborate details of the JV being planned. “The details of this is still work in progress. That announcement will be made sometime in near future,” Son said.
SoftBank yesterday raised its investment commitment in India to $20 billion that it expects to make in 10 years from $10 billion it promised last year.