TAIPEI -- Key Apple supplier Foxconn is expected to expand production of iPhones in India with a new 128.2 billion rupee ($1.54 billion) plant. Foxconn, formally Hon Hai Precision Industry, announced in a securities filing Monday that it will build the plant to meet "operational needs." It did not detail the facility's location or what it will produce. A paper affiliated with Taiwan's United Daily News reported Tuesday that Foxconn will expand output capacity for iPhones through the new plant, citing an industry source. Foxconn could also handle product development and test production in India, according to the report, the way the company already does in main hub China. Apple this year has signaled an interest in expanding Indian production and sales. Foxconn assembles around 60% to 70% of all iPhones, only a small portion of which now come from India. China accounts for around 90% of Foxconn's iPhone production. The percentage of all iPhones made in India is expected to increase to between 20% and 25% in 2024 from between 12% and 14% in 2023 if all goes to plan, TF International Securities analyst Kuo Ming-chi predicts. The Indian state of Karnataka announced in August that Foxconn would make a large investment there to expand Indian operations.
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