Foxconn revenue in India doubles to over $20 billion on iPhone boost, headcount rises 65%: Report
Bengaluru: Taiwanese electronics manufacturing giant Foxconn is said to have more than doubled its revenue from India to over $20 billion (around ₹1.7 lakh crore) in the financial year 2024–25, fuelled by a surge in iPhone production, according to people familiar with the matter.
The company is also understood to have expanded its workforce in India by over 65%, taking its total employee count to approximately 80,000 during the same period, sources from industry and government told PTI.
"Foxconn revenue in India has more than doubled to over USD 20 billion in the financial year 2024-25. The employee count has also gone over 80,000," one source said, reported PTI.
Earlier this month, Union IT Minister Ashwini Vaishnaw said that India’s mobile phone exports hit a record ₹2 lakh crore in FY25, with iPhone shipments alone contributing ₹1.5 lakh crore.
Foxconn, the largest contract manufacturer of iPhones globally, is reportedly eyeing a major expansion in India, with plans to manufacture the entire iPhone line-up intended for the US market from its Indian facilities.
Major investments and expansion plans
The company is currently building its second-largest facility outside China in Devanahalli, near Bengaluru, with an investment of $2.8 billion (around ₹25,000 crore). The upcoming plant is projected to generate over 40,000 jobs.
In addition, Foxconn is in discussions with the Uttar Pradesh government to set up a new electronics manufacturing plant spanning 300 acres.
Apart from iPhones, the firm has begun producing AirPods for export from its Hyderabad plant, established with an investment of $400 million (approximately ₹3,325 crore).
Foxconn is also stepping into India’s semiconductor sector through a joint venture named Vama Sundari with HCL.
The JV is planning an initial investment of ₹3,706 crore to set up an outsourced semiconductor assembly and testing (OSAT) facility, which is expected to create roughly 4,000 jobs.
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