Foxconn’s India Surge: From Peripheral Player to Global Manufacturing Powerhouse
鴻海在印度迅速崛起：從邊緣躍升為全球製造重鎮
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.
小編點評：鴻海已快速擴大其在印度的布局，印度佔其全球非流動資產的比例從2022年的2.6%上升至2024年的10.8%，成為其增長最快的市場。此一成長受惠於強勁的本地需求、政府獎勵政策，以及鴻海在印度的iPhone組裝角色日益擴大。這一轉變也反映出全球減少對中國依賴的趨勢，並將印度定位為關鍵製造樞紐。
Tata Electronics Sends Hundreds to Taiwan for Chipmaking Training, Spearheads India’s Semiconductor Revolution
Tata Electronics派數百名員工赴台灣接受晶片製造訓練，領航印度半導體革命
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.
小編點評：Tata Electronics 正透過與力積電合作，在台灣訓練超過200名員工，為即將在古吉拉特邦與阿薩姆邦啟動的大型晶片工廠做準備。這些計畫預計創造約五萬個工作機會，重點在於AI驅動的晶圓製造與封裝，象徵印度正式進入高端半導體製造領域。Tata 同時積極延攬全球高階人才並採用尖端技術，讓印度在全球晶片供應鏈中嶄露頭角。
Pine Labs Set to File DRHP, Eyes $5 Billion IPO Valuation in 2025
Pine Labs 將提交 IPO 招股說明書草案，2025 年目標估值 50 億美元
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
小編點評：Pine Labs 預計於 2025 年 6 月提交 IPO 招股說明書草案，目標募資金額達 6,000 億盧比，估值介於 40 至 50 億美元之間。該公司近年將總部遷回印度，並在亞洲積極拓展業務，反映出強勁的投資者信心，並凸顯印度在全球金融科技領域的重要地位。
Battery Swapping Powers India’s EV Boom, Driven by Smart Telematics and Soaring Adoption
電池交換驅動印度電動車市場成長，智慧遠端監控與高採用率助攻
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.
小編點評：印度電動車市場蓬勃發展，2025財年銷量接近200萬輛，主要由電動二輪與三輪車領軍。電池交換技術可於兩分鐘內完成更換，提供快速、低成本且高效率的充電方案。搭配智慧遠端監控與預測性維護，印度的創新模式為全球城市交通電動化提供可行藍圖。
Kaynes Semicon Acquires Fujitsu’s Power Module Assets in Strategic Global Expansion
Kaynes Semicon 收購富士通電力模組資產，擴大全球半導體布局
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.
小編點評：Kaynes Semicon 以15.9億日圓收購日本富士通旗下電力模組生產資產，強化其製造能力並與母公司策略目標保持一致。此舉使 Kaynes 成為全球電力模組市場的重要競爭者，也彰顯印度透過國際合作提升半導體自主能力的決心。值得注意的是，Kaynes 同時也與台灣的群豐科技與瑞勝捷科技合作，提升其在封裝與製造方面的技術專業。
AI-Native Networks to Shape Future of Telecom, Says DoT Official at Global Standards Meet
印度電信部官員於國際標準會議指出：AI原生網路將塑造電信未來
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.
小編點評：AI 預計將成為下一代電信網路的核心，實現智慧化營運、沉浸式服務與高階感測功能。印度電信部於ITU-T全球會議強調本國機構如C-DoT與IIT正在開發本土AI電信解決方案，並積極參與國際標準制定。這也凸顯印度為AI原生網路創新提供理想測試場域與技術貢獻潛力。
India, Central Asia Join Forces on Rare Earth Exploration to Counter China’s Mineral Dominance
印度與中亞五國合作探勘稀土礦，抗衡中國資源主導地位
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.
小編點評：印度與中亞五國攜手探勘稀土與關鍵礦物資源，減少對中國的依賴。該合作不僅加強供應鏈多元化，也為電子、國防與綠能產業創造新的國際合作契機，並開啟南亞與中亞跨國技術與基礎建設投資機會。
India Eases SEZ Rules to Boost Semiconductor, Electronics Manufacturing with Micron, Aequs Among First Movers
印度放寬經濟特區規範，促進半導體與電子製造業發展，Micron與Aequs成首波受益企業
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
小編點評：印度政府已修改經濟特區（SEZ）相關規定，放寬土地與營運限制，吸引資本密集型產業如半導體與電子零件製造進駐。Micron 與 Aequs 已獲准於古吉拉特與卡納塔卡投資設廠，合計投入逾1,300億盧比，突顯印度建構具全球競爭力半導體生態系的決心，也為國際企業提供合作與供應鏈整合新機會。
India Sees Surge in ‘Reverse Flipping’ as Tech Firms Return to List Domestically
印度出現「反向遷冊」浪潮，科技公司回流本地上市
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.
小編點評：隨著資本市場深化與監管環境改善，印度出現「反向遷冊」趨勢，許多原本設籍海外的科技公司（如 PhonePe、Flipkart、Razorpay）選擇回流印度並計畫在本地上市。此趨勢由 UPI、Aadhaar 等數位公共基礎設施驅動，也凸顯印度作為創新與科技投資熱點的全球地位日益上升，為國際資本與策略合作開啟新機會。