Foxconn’s India Surge: From Peripheral Player to Global Manufacturing Powerhouse
Foxconn, the world’s largest electronics manufacturer and key Apple supplier, has witnessed a dramatic transformation in its Indian operations, with the country’s share of its global non-current assets rising from just 2.6% in 2022 to 10.8% in 2024. This fourfold jump makes India Foxconn’s fastest-growing market, now ranked third globally—surpassing Taiwan, the U.S., and Mexico. The rapid growth is driven by India’s booming smartphone market, production-linked incentive (PLI) schemes, and Foxconn’s increasing role in assembling iPhones, which now account for over 60% of Apple’s India production. Simultaneously, Foxconn has reduced its reliance on China, with China’s asset share falling below 50% for the first time in years.
This shift underscores a broader recalibration of global supply chains, with India emerging as a serious contender to traditional electronics hubs like Vietnam and Taiwan. For non-Indian companies, Foxconn’s trajectory signals India’s rising competitiveness in manufacturing, aided by a large domestic market, policy support, and geopolitical alignment. As Apple plans to double production in India by 2025, global firms seeking diversification from China would find India not just viable—but increasingly vital.
Editor’s Note: Foxconn has rapidly expanded its footprint in India, with the country’s share of its global non-current assets jumping from 2.6% in 2022 to 10.8% in 2024, making India its fastest-growing market. This growth is fueled by strong domestic demand, government incentives, and the company’s increasing role in assembling iPhones as Apple boosts production in India. The shift also reflects a larger global trend of reducing dependency on China and positioning India as a key manufacturing hub.
Tata Electronics Sends Hundreds to Taiwan for Chipmaking Training, Spearheads India’s Semiconductor Revolution
In a landmark move to fast-track India’s semiconductor ambitions, Tata Electronics has sent over 200 employees to Taiwan for intensive training at Powerchip Semiconductor Manufacturing Corporation (PSMC), with more to follow in phased batches. This initiative is central to Tata’s plans to operationalize two major semiconductor facilities—a ₹91,000 crore AI-enabled fabrication plant in Dholera, Gujarat, and a ₹27,000 crore outsourced semiconductor assembly and test (OSAT) facility in Assam. Training focuses on equipment handling, yield engineering, process technology, and quality assurance, ensuring a highly skilled workforce to support India’s first advanced chip fabs. With the Dholera fab expected to deliver its first chip by December 2026 and the Assam OSAT unit going live by mid-2025, the projects are poised to generate nearly 50,000 jobs and transform India’s electronics manufacturing landscape.
To further strengthen its capabilities, Tata Electronics has been aggressively hiring top global talent, including senior executives from Intel and GlobalFoundries. The Dholera fab, supported technically by PSMC, will have a production capacity of up to 50,000 wafers per month and will leverage AI and machine learning for cutting-edge automation. For global companies, Tata’s semiconductor push signals India’s rise as a serious player in the chipmaking arena—offering new opportunities for collaboration, diversification of supply chains, and access to a growing domestic talent pool trained to international standards.
Editor’s Note: Tata Electronics is propelling India’s semiconductor ambitions by training over 200 employees in Taiwan with PSMC, ahead of launching major chip facilities in Gujarat and Assam. These projects, expected to create around 50,000 jobs, focus on advanced AI-enabled fabrication and chip assembly, marking India’s entry into high-end semiconductor manufacturing. By recruiting global talent and leveraging cutting-edge tech, Tata positions India as an emerging force in the global chip supply chain.
Pine Labs Set to File DRHP, Eyes $5 Billion IPO Valuation in 2025
Pine Labs, India’s leading merchant payments and lending platform, is preparing to file its draft red herring prospectus (DRHP) with SEBI by the end of June 2025, aiming to raise ₹5,000–6,000 crore through its IPO. The offering, backed by global investment banks including JPMorgan, Morgan Stanley, Citi, and Axis Capital, seeks a valuation of $4–5 billion—consistent with its last private funding round. Headquartered in India following a recent reverse flip from Singapore, Pine Labs reported FY24 revenues of ₹1,743 crore but saw its pre-tax losses widen to ₹339 crore. Despite profitability pressures, the company remains a dominant force in offline merchant payments, serving over 30,000 retailers across 3,000 Indian cities.
With strategic acquisitions in Southeast Asia and investments in digital gifting, BNPL, and account aggregation, Pine Labs has bolstered its regional and global footprint. Its IPO comes amid a wave of fintech listings in India, including Groww and Meesho, signaling strong investor appetite. For non-Indian companies, Pine Labs’ IPO underscores India’s emergence as a fintech growth hub and highlights the country’s evolving regulatory and market environment—making it a vital reference point for global firms seeking strategic partnerships or expansions in India’s digital payments ecosystem.
https://groww.in/blog/pine-labs-to-file-6-000-crore-ipo-drhp-by-june-end
Editor’s Note: Pine Labs is set to file its draft IPO papers by June 2025, aiming to raise up to ₹6,000 crore at a $4–5 billion valuation, marking a major step in its expansion after shifting headquarters to India and reporting robust operations despite widening losses. With strategic acquisitions and a growing presence across Asia, its listing reflects strong investor interest and signals India’s rising prominence in the global fintech landscape.
Battery Swapping Powers India’s EV Boom, Driven by Smart Telematics and Soaring Adoption
India’s electric vehicle (EV) sector is accelerating at a remarkable pace, with FY2025 sales hitting 1.96 million units—reflecting a 17% year-on-year growth. Electric two-wheelers (E2Ws) led the charge with over half the market share, followed closely by passenger electric three-wheelers (E3W-P) at 36%. As adoption spreads beyond eco-conscious consumers to last-mile delivery services and small businesses, the demand for rapid and scalable charging solutions has intensified. Battery swapping has emerged as a game-changer, allowing users to replace depleted batteries in under two minutes—cutting downtime, reducing upfront costs, and eliminating range anxiety.
Central to this revolution is India’s deployment of advanced telematics, which enables real-time monitoring of battery health, temperature, state of charge, and performance. These systems provide predictive insights, enabling remote diagnostics and maintenance that reduce breakdowns and improve station efficiency. For international players, India’s battery swapping and telematics model presents a blueprint for scalable, tech-driven EV infrastructure in dense urban markets. As the world shifts toward electrification, India’s innovations offer valuable lessons for both emerging and developed economies seeking cost-effective and efficient EV deployment.
Editor’s Note: India’s EV sector is booming with nearly 2 million units sold in FY2025, fueled by the dominance of electric two- and three-wheelers and the rise of battery swapping, which enables quick, affordable, and efficient recharging. Backed by smart telematics for real-time monitoring and predictive maintenance, India’s approach offers a scalable model for urban EV infrastructure and serves as a global blueprint for electrification.
Kaynes Semicon Acquires Fujitsu’s Power Module Assets in Strategic Global Expansion
In a major boost to its semiconductor manufacturing ambitions, Kaynes Semicon Private Limited—a wholly owned subsidiary of Kaynes Technology India Ltd—has signed an Asset Purchase Agreement with Japan-based Fujitsu General Electronics Limited. Finalised on June 9, 2025, the ¥1.59 billion deal enables Kaynes Semicon to acquire key production lines for power modules, further expanding its technological capabilities and manufacturing footprint. Though Kaynes Technology is not directly a party to the deal, the acquisition aligns with its broader strategic goals, executed through its subsidiary with a solid governance structure led by board members including Managing Director Ramesh Kunhikannan.
The agreement includes detailed warranties and indemnities, ensuring a smooth asset transfer and operational continuity. With the power module market gaining global traction amid rising demand for energy-efficient systems, this acquisition positions Kaynes Semicon as a serious contender in international supply chains. For non-Indian firms, the move highlights how Indian tech manufacturers are aggressively scaling up through global collaborations—offering potential partnership opportunities and signalling India’s growing self-reliance in the semiconductor ecosystem.
Editor’s Note: Kaynes Semicon has acquired key power module production assets from Japan’s Fujitsu General Electronics in a ¥1.59 billion deal, strengthening its manufacturing capabilities and aligning with the broader strategic goals of its parent company. This move positions Kaynes Semicon as a global player in the rising power module market and reflects India’s growing role in semiconductor self-reliance through international collaborations. Notably, Kaynes has also partnered with Taiwan’s Aptos Technology and Recynergy Technology to enhance its semiconductor packaging and manufacturing expertise.
AI-Native Networks to Shape Future of Telecom, Says DoT Official at Global Standards Meet
Artificial Intelligence (AI) is set to become the cornerstone of next-generation telecom networks, enabling immersive digital services, autonomous operations, and integrated sensing, according to Sanjeev K. Bidwai, Member (Technology) at India’s Department of Telecommunications (DoT). Speaking at the 3rd meeting of the ITU-T Focus Group on AI Native for Telecommunication Networks, Bidwai emphasized that Indian institutions such as C-DoT, IITs, and top R&D centres are developing indigenous AI-powered telecom solutions while contributing actively to international standards bodies like ITU-T, ITU-R, and 3GPP. Citing the ITU-R vision document M.2160, he noted that AI will drive capabilities such as intelligent radio interface management, cross-domain orchestration, and personalized service delivery.
Highlighting India’s telecom sector as one of the most dynamic and expansive in the world, Bidwai said it offers an ideal testing ground for AI-native network innovations. These networks, designed with AI at their core, will manage the increasing complexity of telecom systems and unlock new opportunities in digital transformation. For global stakeholders, India’s AI-led telecom shift signals both collaborative potential and valuable insights, especially as countries explore strategic and scalable AI applications for their own communications infrastructure.
Editor’s Note: AI is poised to become the foundation of future telecom networks, enabling intelligent operations, immersive services, and advanced sensing, as emphasized by India’s Department of Telecommunications at a global ITU-T meet. With strong contributions from Indian institutions and active involvement in international standards bodies, India positions itself as a leading innovator and ideal testing ground for AI-native telecom solutions.
India, Central Asia Join Forces on Rare Earth Exploration to Counter China’s Mineral Dominance
In a strategic move to diversify global critical mineral supply chains, India and five Central Asian nations—Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan—have jointly expressed their intent to explore rare earth and critical mineral resources. The announcement came during the fourth India-Central Asia Dialogue held in New Delhi on June 6, 2025, as countries look to reduce reliance on China, which currently controls around 70% of global rare earth mining and nearly all processing operations. The collaborative push builds on momentum from the India-Central Asia Rare Earth Forum held in September 2024 and seeks to deepen cooperation in geological surveys, technology sharing, and commercial partnerships.
With China imposing export controls on key heavy rare earths in April 2025, global urgency around supply chain diversification has intensified. For non-Indian companies, this emerging alliance represents a key opportunity to tap into new, politically stable sources of rare earths essential to electronics, defence, and green energy technologies. It signals a shift toward multi-polar mineral sourcing strategies and opens avenues for international firms to engage in joint ventures, technology transfer, and infrastructure development across South and Central Asia.
Editor’s Note: India and five Central Asian nations have joined forces to explore rare earth and critical mineral resources, aiming to reduce global dependence on China amid its recent export controls. This alliance not only strengthens supply chain diversification but also opens new opportunities for international collaborations in electronics, defense, and green energy sectors across South and Central Asia.
India Eases SEZ Rules to Boost Semiconductor, Electronics Manufacturing with Micron, Aequs Among First Movers
In a landmark policy shift to attract high-tech investments, the Indian government has amended key Special Economic Zones (SEZ) rules to better support capital-intensive sectors like semiconductor and electronics component manufacturing. Announced on June 3, 2025, by the Department of Commerce, the revised rules reduce the minimum land requirement for sector-specific SEZs from 50 to 10 hectares and allow for encumbered land to be used if leased or mortgaged to government agencies. Amendments also permit free-of-cost goods to be factored into Net Foreign Exchange (NFE) calculations and allow SEZ units in these sectors to sell into the domestic market after paying applicable duties—creating a more flexible, business-friendly regulatory framework.
Following the reforms, the Board of Approval for SEZs has cleared major proposals from Micron Semiconductor Technology India Pvt Ltd (MSTI) and Aequs Group. Micron will invest ₹13,000 crore to set up a semiconductor SEZ over 37.64 hectares in Sanand, Gujarat, while Aequs will develop an 11.55-hectare SEZ in Dharwad, Karnataka with ₹100 crore to manufacture electronic components. For non-Indian companies, these developments highlight India’s commitment to creating a globally competitive semiconductor ecosystem—offering opportunities for joint ventures, supply chain integration, and technology collaboration in one of the world’s fastest-growing electronics markets.
https://www.pib.gov.in/PressReleasePage.aspx?PRID=2135116
Editor’s Note: India has eased SEZ rules to boost high-tech manufacturing, cutting land requirements and simplifying regulations to attract semiconductor and electronics investments. Following this policy shift, Micron and Aequs have received approvals to develop major SEZs in Gujarat and Karnataka, collectively investing over ₹13,000 crore. These reforms reflect India’s push to build a globally competitive semiconductor ecosystem and open new avenues for international collaboration and supply chain integration.
India Sees Surge in ‘Reverse Flipping’ as Tech Firms Return to List Domestically
India’s deepening capital markets and supportive regulatory environment are driving a wave of “reverse flipping,” where digital-first companies that were once headquartered abroad are shifting their base back to India. A white paper by Bay Capital Investment Advisors highlights this growing trend, with firms like PhonePe, Groww, Flipkart, Zepto, and Razorpay either relocating or considering a return to list on Indian stock exchanges. Currently, around 40 Indian tech firms are domestically listed, commanding a combined market valuation of $90 billion. This shift is powered by improved investor understanding of digital metrics such as CAC, LTV, and retention, alongside SEBI reforms that allow high-growth, loss-making firms to tap public markets. The capital markets saw significant activity in 2024, with 327 firms raising ₹1.5 lakh crore, a dramatic rise from ₹20,628 crore in 2020.
Bay Capital’s report also underscores the strength of India’s digital public infrastructure—including UPI, Aadhaar, ONDC, and Account Aggregator—as key enablers of this transformation. The trend extends into India’s expanding deep tech ecosystem, which secured $1.6 billion across 310 deals in 2024, with AI alone accounting for nearly half the funding. For non-Indian companies and investors, this trend signals India’s emergence as a mature, innovation-driven economy with a robust capital market framework. It opens doors for cross-border investment, strategic partnerships, and potential M&A opportunities with a growing base of tech firms choosing to stay—and scale—within India.
Editor’s Note: India is witnessing a surge in “reverse flipping” as digital-first companies like PhonePe, Flipkart, and Razorpay shift their base back to India to tap into deepening capital markets, investor maturity, and supportive SEBI reforms. Backed by robust digital infrastructure and a thriving deep tech ecosystem, this trend marks India’s rise as a hub for innovation, investment, and global tech listings.