(MENAFN) Apple iPhone manufacturer Foxonn has decided to invest USD5 billion on a new facility in the western Indian state Maharashtra, as the Taiwanese company's chairman signed a deal with Maharashtra's chief minister in Mumbai.
The manufacturer could benefit by enhancing the sales of iPhone in a heavily populated country which has 952 million cellular connections, plus reducing labor costs. The country will benefit from employment generation of 50,000.
This huge investment will be completed in over five years. The Apple supplier is the world's largest computer components manufacturer and also gathers products for big names in the industry such as Sony.
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