Chennai/IBNS: Foxconn is planning a $1 billion investment to establish a facility in Tamil Nadu for assembling smartphone display modules, according to a report by The Economic Times.

This will be Foxconn's first display module manufacturing unit in India, supporting Apple’s iPhone production, while the facility may also supply components to other manufacturers, such as Pegatron and Tata Electronics, the ET report said.

ET reported, citing an industry executive, that creating local assembly units will help reduce supply chain delays and costs, benefiting brands by shortening delivery times.

Foxconn has secured 500,000 square feet of land in an industrial park in Oragadam, near Chennai, adjacent to its existing smartphone assembly plant.

Foxconn is rapidly growing its smartphone business in India and has plans to diversify into sectors such as electric vehicles, batteries, and semiconductors.

Currently, India imports most of its display modules from countries like China and South Korea.

Leading global manufacturers of display modules include Samsung Display, BOE Technology, and LG Display, while local assembly is dominated by Chinese firms like TCL CSOT and TXD (India) Technology, as per reports.