Chinese smartphone maker Xiaomi is looking to invest about Rs 15,000 crore, along with setting up three additional manufacturing plants, in India.

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The new manufacturing plants for smartphone production will be set up by Foxconn, the world’s largest contract manufacturer and a major Apple supplier.

Foxconn is the trading name of Taiwan's Hon Hai Precision Industry Co. Ltd.

The decision will be taken in the coming days to make India a key strategic hub for global suppliers, which would mark the highest foreign direct investment (FDI) inflow into the country for electronic manufacturing, the smartphone maker said.

About 95% of the smartphones sold by Xiaomi in India are locally assembled, and the company is looking to assemble two smartphones a second during operational hours.

The company said that it will manufacture printed circuit boards (PCB) - which account for about half the price of a smarthphone - and will boost local electronics production in the country.

Currently, only South Korean smartphone maker Samsung manufactures PCBs in India.

The government’s move to raise import duty on smartphones and PCBs could encourage major players to set up manufacturing plants in the country, in line with the government's 'Make in India' initiative.

Xiaomi also said that it would focus on expanding its non-smartphone products and focus on the smart-vehicle space in India.

First Published:Apr 9, 2018 11:59 AM IST