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Southern states look to outfox each other in hunt for a Foxconn ‘city’

Economic Times

Economic Times · 10m ago

Southern states look to outfox each other in hunt for a Foxconn ‘city’

Taiwanese electronics manufacturer, Foxconn, is being offered land parcels in Telangana, Karnataka, and Andhra Pradesh to set up industrial parks or cities. The Telangana government has offered 2,000 acres for the establishment of a 'Foxconn City' modelled after the company's facilities in China and Taiwan. Karnataka has provided 300 acres for a supplier park, while Andhra Pradesh has offered 2,500 acres for an industrial park. Foxconn has expressed interest in building an industrial township near Chennai, creating a self-sufficient city with housing and basic amenities for workers. The expansion in India aims to decrease Foxconn's reliance on Chinese facilities.

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Land, power, skill: Inside the high-stakes battle to build the next Foxconn City

Livemint

Livemint · 8m ago

Land, power, skill: Inside the high-stakes battle to build the next Foxconn City

Over 400 women working at a mobile phone manufacturing facility in Chennai, India fell ill due to poor living conditions at the factory's hostel. Following protests, the government and the company, Foxconn, took action to address the issue. In August 2021, a large industrial housing complex was inaugurated to improve living conditions for workers. Foxconn is also looking to establish similar "Foxconn City" models in other Indian states, including Karnataka, Andhra Pradesh, and Telangana, to further enhance employee welfare. The states are competing to attract Foxconn's investment by offering infrastructure, land, and skilled workforce.

Taiwan's Foxconn says global manufacturing footprint to shield it from Trump's tariffs

Economic Times

Economic Times · 7m ago

Taiwan's Foxconn says global manufacturing footprint to shield it from Trump's tariffs

Taiwan's Foxconn, the world's largest contract electronics maker and a key supplier to Apple, believes it will be less impacted by new tariffs imposed by US President-elect Donald Trump compared to its competitors. Foxconn's global manufacturing footprint allows it to shift production locations, minimizing the impact of tariffs. While its facilities in China may face challenges, the company has been investing in other countries such as the United States, Mexico, and Vietnam to diversify its supply chain. Foxconn plans to reveal more details about its US expansion plans once Trump's policies become clearer.

Foxconn aims to double jobs, investment in India over next 12 months

Economic Times

Economic Times · 1y ago

Foxconn aims to double jobs, investment in India over next 12 months

Foxconn, the Taiwanese contract manufacturer known for producing iPhones, aims to double its workforce and investment in India by next year. V Lee, the company's India representative, expressed this goal while wishing Prime Minister Narendra Modi a happy birthday. Foxconn has a significant presence in Tamil Nadu with over 40,000 employees and is also exploring opportunities in the electric vehicle sector across multiple Indian states. Specific details were not disclosed.

Robinhood to buy back Sam Bankman-Fried's stake for $605.7 million from US government

Economic Times

Economic Times · 1y ago

Robinhood to buy back Sam Bankman-Fried's stake for $605.7 million from US government

Robinhood has finalized a share repurchase agreement with the United States Marshal Service (USMS) to buy back shares worth $605.7 million from Sam Bankman-Fried's Emergent Fidelity Technologies. These shares were seized and transferred to the US government's custody after FTX and Emergent filed for bankruptcy protection last year. Robinhood's stock rose 2% in premarket trading following the news, and the purchase of 55.3 million shares at $10.96 each has been approved by the US District Court for the Southern District of New York. Robinhood had previously announced its intent to repurchase the stake in February.

Telangana, K’taka & Andhra Pradesh Offer Land To Woo Foxconn

Inc42 · 10m ago

Telangana, K’taka & Andhra Pradesh Offer Land To Woo Foxconn

The Telangana state government has offered Foxconn 2,000 acres of land, while the Andhra Pradesh government has offered 2,500 acres and Karnataka authorities have offered 300 acres. Foxconn is considering setting up facilities in these states as it looks to diversify its operations outside of China due to ongoing tensions between China and the US.

New Tata plant starts iPhone production, Foxconn close behind as Apple looks to India, sources say

Economic Times

Economic Times · 2m ago

New Tata plant starts iPhone production, Foxconn close behind as Apple looks to India, sources say

A new Tata Electronics plant in southern India has begun producing older iPhone models, while a Foxconn facility in Bengaluru is set to start operations soon. Apple is shifting production to India amid trade tensions with China. The move aims to diversify manufacturing and counter potential U.S. tariffs. India's iPhone production is projected to increase, with the new plants expected to create significant employment and contribute to Apple's supply chain stability.

Warehouse developers bet on India as companies look beyond China

VCCircle

VCCircle · 1y ago

Warehouse developers bet on India as companies look beyond China

India is attracting developers and companies diversifying their supply chains away from China, as land becomes scarce in an industrial park in southern India. Greenbase industrial park, near factories operated by Daimler and Foxconn, is seeing a surge in inquiries for leasing space, with at least three clients looking to relocate from China. To meet demand, Greenbase plans to invest $800m to quadruple its industrial park space. The rush for leased warehouse space in India is driven by the country's economic growth, as it outpaces advanced nations.

If couples don't stare at each other, how'll India be most populous: Anupam Mittal

Inshorts · 6m ago

If couples don't stare at each other, how'll India be most populous: Anupam Mittal

Shaadi.com Founder Anupam Mittal reacted to L&T Chairman SN Subrahmanyan's 'How long can you stare at your wife?' comment. "But sir, if husband and wife don't look at each other, how will we remain most populous country in the world?" Mittal said. He earlier said employees must work long enough so that it's the only thing they have time for.

New York City bans TikTok on government-owned devices over security concerns

Reuters

Reuters · 1y ago

New York City bans TikTok on government-owned devices over security concerns

New York City has banned TikTok on government-owned devices due to security concerns, following other U.S. cities and states. The decision is based on worries about possible Chinese government influence through the popular app, owned by ByteDance. New York City agencies must remove the app within 30 days, affecting access on city-owned devices and networks. TikTok has denied sharing U.S. user data with China and emphasized its privacy measures. U.S. security officials, including FBI and CIA directors, have expressed concerns about TikTok's potential security threat.

Foxconn founder Terry Gou makes first high-profile appearance in months

Economic Times

Economic Times · 1y ago

Terry Gou, the founder of Apple supplier Foxconn, made a public appearance at the company's 50th anniversary celebration after ending his bid for Taiwan's presidency. Gou remains Foxconn's largest shareholder and attended the event alongside other industry leaders such as Apple's COO and SoftBank's CEO. Foxconn, known for manufacturing electronics, is now looking to enter the electric vehicle market.

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