Foxconn in talks with Adanis, others for mfg units in India

Taiwan-based Foxconn, which makes iPhone, iPad and other Apple products, is in talks with Adani group and other Indian firms to set up manufacturing factories in India.
Foxconn Chairman and CEO Terry Gou, on his second visit to India in 45 days, said his company was "very keen to invest" in the country and is in talks to strike partnership with local companies.
Gou, who also met Prime Minister Narendra Modi earlier in the day, said Foxconn is in talks with billionaire Gautam Adani's Group for electronics manufacturing facilities. The Taiwanese firm is also working with Micromax and Snapdeal.
"We are working closely with Micromax, Snapdeal and Adani Group," he said.

Foxconn, the world's largest contract manufacturer of consumer electronics, has visited Karnataka, Maharashtra, Andhra Pradesh and Gujarat to scout for possible locations for the facilities.
Without sharing the investment details, he said that Foxconn is looking at India for a long term plan and is looking at opportunities to invest.

The Foxconn chief said they just don't want to assemble products but play a larger role in the whole supply chain.
The company is looking at manufacturing LED TVs, batteries and other electronics products in India.
Foxconn currently manufactures iPhone, iPad and several other Apple products in factories in China. Plans to set up manufacturing units in India, the nation with second-highest number of mobile phone accounts behind China, are seen as move to mitigate rising labour costs in China and lower manufacturing cost of iPhones.

Earlier in the day, Adani Enterprises, the flagship company of the Adani Group, said it was in talks with the Foxconn to form a joint venture (JV).
"We are at the discussion stage only and have not signed any agreement which requires disclosure under Clause 36 of the Listing Agreement," it said in a regulatory filing.
The company, however, did not clarify on the nature of the JV or the products that it will manufacture.
But sources said that Adani Enterprises will partner with the Taiwan-based Foxconn to set up a facility to manufacture iPhones in India at Adani's SEZ in Mundra, Gujarat and the land component will be provided by the company.

Shares of the company today settled at Rs 94.40 apiece, higher by 11.32 per cent from its previous BSE closing.