Foxconn is intending to move away from the Chinese market. Credit: 旭刚 史 via Pixabay.

Taiwanese company Foxconn Technology Group is reportedly considering constructing two component factories in India with an investment of $500m, reported Bloomberg News.

The publication cited sources familiar with the matter as saying that the factories will be built in Karnataka state.

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Foxconn is expected to make an official announcement regarding its decision as early as this week, the sources added.

The move is part of the business’ efforts to expand beyond China. 

Foxconn is the main supplier of US-based technology company Apple.

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One of the proposed two facilities in Karnataka will produce components for Apple products, including for iPhones.

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The facilities are expected to create approximately 100,000 jobs.

This potential investment is in addition to Foxconn’s proposal to build another $700m facility on a 300-acre site, close to the airport at Bengaluru within the same state.

Separately, a letter of intent has been signed by Hon Hai Technology Group, a part of Foxconn, with the state government of Tamil Nadu in India to build a new mobile components manufacturing plant.

The facility will be built with an investment of Rs16bn ($195m) in Kancheepuram district near Chennai.

This project is expected to create roughly 6,000 jobs.

Minister for Industries in Tamil Nadu TRB Rajaa said of this development: “This is a major achievement for the state.”