- Taiwan’s Foxconn will lead the new joint venture while SoftBank will support the former for the same, said Masayoshi Son, Chairman & CEO of SoftBank.
- Foxconn, the world’s largest contract electronics manufacturer and maker of the iconic iPhones and its Chairman Terry Gou said that the company was aiming to develop several facilities in India, including factories and data centers, by 2020.
- The smartphone market is expected to more than double between now and 2018. India, has the second-highest number of mobile phone accounts after China, and is also the third-biggest market of smartphones sold.
- The government’s initiative to encourage local manufacturing has attracted more established handset manufacturers which have proposed investments in domestic production and has the potential to create lakhs of jobs and bring billions of dollars in foreign currency.