Adani to announce JV worth $5 billion with iPhone maker Foxconn: Sources

MUMBAI: Giving a push to PM Modi's "Make in India" campaign, Gautam Adani's Flagship firm, Adani Enterprises, plans a joint venture with Taiwanese major Foxconn. The details of the JV are likely to be announced soon, sources said.

The development could make Foxconn the biggest foreign investor in the 'Make in India' programme so far.

The Taiwanese electronics giant’s chairman Terry Gou made a two-and-a-half hour presentation on Tuesday to government officials explaining the company’s India plans.

Foxconn could be making some 400 million mobile phones in India. "Half of these will be manufactured for the Indian market and the rest half for exports to Middle East, Africa and Russia," sources told ET.

Foxconn manufactures phones for a number of global brands, including Apple, BlackBerry, Motorola, Sony and Huawei. According to sources, the company is keen to manufacture in India for Indian as well as global brands.
Foxconn is a multinational electronics contract manufacturing company headquartered in Tapei, Taiwan. It is notable to know that after gold, electronics is the largest import which puts pressure on the current account deficit of India.

The JV between Foxconn and Adani plans to invest close to $5 billion in coming years for manufacturing electronics in India. Sources said that first two plant would be based out of Gujarat and Karnataka. The JV will be looking to manufacture whole host of electronics including tablets and mobile phone for brands like Apple and Kindle.

with inputs from Anandita S. Mankotia