The Taiwan's Foxconn, the world's largest manufacturer of electronics and leading provider of Apple, signed on Saturday an agreement with the Indian State of Maharashtra, to invest 5 billion dollars in a new plant in the next five years.
The announcement was made by the founder of Foxconn, Terry Gou, and by the Chief Minister of Maharashtra, Devendra Fadnavis, after the signing of the agreement in the State capital, Mumbai.
The deal will further the campaign "Manufacturing in India," the Prime Minister Narendra Modi, who intends to transform the third largest Asian economy in power industry.
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Gou said Foxconn, which also has Blackberry, Xiaomi and Amazon as clients, is looking for partners for the plant.
He refused to comment on whether the company will manufacture mobile handsets in the installation. The India can help Foxconn to escape wage increases in China, where the majority of iPhones is manufactured.
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