Foxconn Technology Plans $1B Investment in India Startups

Foxconn Technology Group is planning to invest around $1 billion in India startups over the next two years, but the government needs to improve its infrastructure, was the message from Foxconn's founder and chairman Terry Gou. As growth in China continues to slow, India is becoming an increasingly popular alternative for expanding tech companies. The Taiwanese company, which is the major assembler of Apple (AAPL) products, released a statement announcing, 'Foxconn has plans to set up an investment fund and an incubator to invest in and to engage and collaborate with technology startups in India.' Businesses being considered may include the areas of e-commerce, renewable energy and manufacturing, but no deals have yet been confirmed by Foxconn. The company already owns existing factories in India and joins other prominent investors into the country's startup economy including Alibaba (BABA), SoftBank (TYO) and Uber. Foxconn has been steadily expanding its investment in India over the last year and according to Foxconn founder Terry Gou, the manufacturer plans to create 1 million jobs and open as many as 12 more factories in the country by 2020.